The team of decentralized exchange aggregator 1inch has just announced it has successfully completed a fundraising in which it has attracted $2.8M from institutional investors, according to the press release shared by Binance today.
The fundraising, which has been led by Binance Labs, has also received the contribution of other investors, including Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures, Divergence Ventures, Kyber founder Loi Luu and NEAR Protocol co-founder Illia Polosukhin.
1inch is a decentralized exchange aggregator that sources liquidity from various exchanges, including leading platforms Uniswap, Kyber Network, Airswap, Oasis, Bancor, Balancer, Curve and more.
The use of smart contract technology that splits a single trade transaction across multiple decentralized exchanges allows users to optimize and customize their trades.
Yesterday it was known 1inch had released Mooniswap, its own automatic market maker (AMM) algorithm. According to the project's team, this feature will allow users to swap between different tokens at cheaper prices and with a wide variety of options.
The recently attracted funds will be used by the company to expand its products.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.