DeFi project 1inch raises $12 million with Pantera Capital backing

The liquidity aggregator from decentralized exchanges, 1inch, announced the successful close of a funding round, raising $12 million in venture investments.

The round was led by Pantera Capital, with other participants including ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, gumi Cryptos, Fabric Ventures, Struck Capital, Rockaway Blockchain Fund, Spartan Capital Securities, Blockchain Capital, as well as angel investors Josh Hanna, Kain Warwick, Alexander Pack.

According to ForkLog’s press release, the funds will be directed toward further product development, expanding the team, entering new markets, and more active marketing.

“We are exceptionally pleased to have the backing of major global investors. We recently released the second version of our protocol, and several new products are on the way. With the funds, we will be able to develop cutting-edge solutions that will play a truly important role for the DeFi sector,” said Sergey Kunts, co-founder and CEO of 1inch.

Earlier in November, 1inch presented the updated version of the platform. Its main feature is the Pathfinder algorithm, designed to identify the best token-swap opportunities in short order.

In August, the project raised $2.8 million from Binance Labs, Galaxy Digital and other investors.

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