Decentralized finance (DeFi) protocol 1inch Network closed a $175 million Series B funding round led by Amber Group. Other investors, including Gemini, Nexo, Celsius Network also participated in the funding, according to an announcement.
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The protocol's developers say the funding will help 1inch Network to further decentralize the whole business model into the 1inch DAO. Moreover, the funding will allow 1inch to onboard institutions into its professional version — 1inch Pro.
"While continuing to keep the existing DeFi audience happy by delivering state-of-the-art products, 1inch also aims to become a gateway for institutions that want to be part of the DeFi space," said the Co-Founder of the 1inch Network, Sergej Kunz.
1inch claims the initial investment target was set at $70 million. However, following "several developments in the space and a huge demand from valuable backers," the team behind the protocol decided to increase the target to $175 million. The team plans to develop new 1inch protocols, expand the utility of the 1INCH token and double the size of the team over the next few years.
In September, the DeFi platform started blocking access to US users based on their IP addresses. The company's chief communications officer Sergey Maslennikov said the project was setting the stage for the launch of a new product in the United States. In the same month, the platform's users made a total sum of transactions valued at more than $7 billion.
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