The DeFi project 1inch Network plans to raise $70 million following a Series B funding round and to achieve a $2.25 billion valuation. The Block reports.<\/p>\n
The co-founder of the liquidity-aggregator with a DEX<\/span>, Sergey Kunts, said that the final amount may differ from the stated figure, negotiations are ongoing. More than 100 preliminary meetings and discussions have taken place with potential participants.<\/p>\n According to the report, the project is seeking venture capital from outside the cryptocurrency industry and from the traditional finance sector.<\/p>\n Potential investors were offered 1INCH tokens at $1.50 each, a 50% discount to the current price of about $3 (according to CoinGecko<\/a>).<\/p>\n They will receive 1INCH from the development fund, separate from those held by the team and early investors, which will unlock<\/a> in December. The tokens in the new funding round are also subject to a lockup<\/span>.<\/p>\n Representatives of the project told ForkLog that the information is accurate. They added that the $2.25 billion valuation was derived by multiplying the $1.50 value of 1INCH by a 1.5 billion token issuance. The project fixed the price due to the wide range of its fluctuations \u2014 from $0.77 to $7.84 since the start of trading.<\/p>\n As of writing, the \u043f\u043e\u043b\u043d\u043e\u0441\u0442\u044c\u044e \u0440\u0430\u0437\u0432\u043e\u0434\u043d\u0435\u043d\u043d\u0430\u044f \u043e\u0446\u0435\u043d\u043a\u0430<\/a> of the project stands at around $4.47 billion, according to CoinGecko.<\/p>\n The proceeds will be used to hire new staff and expand the product line.<\/p>\n “One of the two new protocols will add the 1INCH insurance feature. This will be a breakthrough for DeFi”<\/em>, the project representatives explained.<\/p>\n<\/blockquote>\n The platform is currently used by 500,000 users. The goal is to increase this figure twentyfold.<\/p>\n Earlier in August, the project rolled out a second-layer solution from Optimism<\/a>, after previously from Polygon<\/a>.<\/p>\n Earlier, 1inch Network launched its own stablecoin<\/a>, a new protocol for limit orders<\/a> and a liquidity mining program<\/a>.<\/p>\n Following the previous round, the liquidity-aggregator team behind the DEX raised<\/a> $12 million in venture capital.<\/p>\n\n