Decentralized Exchange aggregator, 1inch Network has tapped Amber Group as the lead investor in its Series B funding round facilitated through the private sale of its utility token. The funding round was reportedly oversubscribed and it also saw participation from other investors including Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund.
The funding round did not follow the conventional money raise as it only involved the sale of a percentage of the 1INCH tokens allocated as part of the network’s Growth & Development Fund. The new investors also snatched some tokens from existing holders who would rather take some profit on their current holdings.
While the new funding round and the crop of industry veterans it just tapped are beneficial to its continued operational reach as a decentralized player, the protocol said it will be using the new capital injection in powering an entry to the DeFi space for traditional financial institutions, building new protocols, creating additional utilities for the 1INCH token and scaling up or expanding the contributor team.
1inch Network to 1inch Pro
In its ambitious pursuit to serve as the frontline point of entry to the DeFi space for traditional financial institutions, 1inch Network said it will launch the 1inch Pro, a gateway that is reserved for institutional investors.
“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,” says Sergej Kunz, co-founder of the 1inch Network. In addition to its strides, the 1INCH token remains of the DEX tokens with the likelihood of retesting Ethereum’s monumental growth.
“The next $1 trln of assets entering DeFi will come from institutions rather than retail users, and 1inch would like to facilitate entry for them,” he adds. “We have already started work in that direction by attracting some key players from the traditional finance markets, and this collaboration will only accelerate over the next few years.”
The protocol said the 1inch Pro will be usable in diverse markets including the United States as it will be designed to allay fears bordering on Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. With its focus on onboarding financial market players, 1inch appears to be working against all factors that may bring it in the crosshairs with the US SEC per its token sale history.