1inch Network raises $175 million from Alameda Research, VanEck and other investors

The DeFi project 1inch Network closed its Series B funding round at $175 million. It was led by Amber Group, ForkLog representatives said.

About 50 investors participated in the round, including VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo and Gemini Frontier Fund. They, as noted by the 1inch Network representatives, will accelerate the transition to full decentralisation of the 1inch DAO.

The funds will be used to develop new protocols, create additional features for the 1INCH token, and expand the team.

The financing will also be used to enhance 1inch in line with regulatory requirements for DeFi projects in Europe and the United States, to provide institutional players with access to 1inch Pro — a dedicated product for qualified investors.

“Continuing to support the existing DeFi audience by delivering the most technologically advanced products, 1inch also aims to become a gateway for institutional investors to the world of DeFi,” said Sergey Kunts, co-founder of 1inch Network.

Initially, the round was planned to raise $70 million. Due to demand and a number of industry events, the team increased the amount to $175 million.

“A key part of the next phase of DeFi development will be providing investors with seamless access to liquidity across multiple protocols,” said Tiantian Ku, co-founder and managing partner of Amber Group.

In December 2020, 1inch Network raised $12 million from Pantera Capital, ParaFi Capital and others.

In August, Binance Labs led the project financing round at $2.8 million.

Back in November 2021, 1inch announced the transition to the second phase toward implementing a decentralised governance system for the protocol.

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