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1inch project raised $ 2.8 million …

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1inch Exchange: DeFi’s Next Hidden Gem??πŸ’Ž

1inch project raised $ 2.8 million ...

1inch Raises $ 2.8M From Binance Amid Inflow Of Venture Funds
CONTENT

  • The number of investments in DEX projects from venture capital funds exceeded the total number of previous quarters

  • In just a year, 1inch was able to grow to $ 1 billion in turnover

  • Novogratz Bank Galaxy Digital, Kyber Network and other cryptoindustry sites invested in 1inch

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The inflow of investments from venture funds into DEX projects over the past couple of weeks has outpaced the I and II quarters in total

After recently surpassing the total by USD 1 billion, 1inch successfully completed the first round of investments to support its exponential growth.

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1inch project raised $ 2.8 million ...

Decentralized Exchange (DEX) Liquidity Aggregator 1inch Raises $ 2.8M Investment From Institutional Investors Including Binance Labs, Galaxy Digital, Dragonfly Capital And Others.

This was reported in a press release sent by the editorial staff of BeInCrypto.

The 1inch project uses smart contracts to split one trade transaction into several DEXs at once, which allows users to optimize transactions.

Decentralized boom

At the time of this writing, the site supports such DEXs as: Uniswap, Kyber Network, Airswap, Oasis, Bancor, Balancer, Curve and others.

Binance co-founder Changpeng Zhao stated that it was the aggregation of decentralized marketplaces that drove the rise in popularity of the decentralized finance market..

β€œDEX aggregation is an important building block that has been one of the drivers behind the latest DeFi boom. 1inch has become the de facto interface for DeFi transactions with aggregate volumes in excess of $ 1 billion, ”he said..

The cryptocurrency project launched in May 2019 by Sergey Kunz and Anton Bukov already has over a billion dollars in circulation.

β€œDuring the year, our team has grown from two to sixteen people. These are mainly award-winning developers from various Ethereum hackathons, “said Sergey Kunz, co-founder and CEO of 1inch..

A wave of funds

1inch project raised $ 2.8 million ...

The influx of investments is taking place just against the background of an increase in the number of venture capital funds interested in cryptocurrency decentralized platforms.

Earlier, Messari analyst Jack Purdy said that 5 DEX projects received funding from venture funds in the last 2 weeks alone..

Source: Messari

“As soon as these platforms are launched, we should expect an inflow of large capital to them either through liquidity extraction or through direct purchases of their own tokens,” Pardee wrote on his Twitter page..

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