1inch, the aggregator of liquidity from decentralized exchanges, announced the successful closing of a funding round, which resulted in raising $ 12 million in venture capital investments.
The round was led by investment company Pantera Capital, including other participants ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, Gumi Cryptos, Fabric Ventures, Struck Capital, Rockaway Blockchain Fund, Spartan Capital Securities, Blockchain Capital, as well as business angels Josh Hanna, Cain Warwick, Alexander Pack.
According to a press release received by ForkLog, the company will use the funds received for further product development, staff expansion, entering new markets, and more active marketing.
“We are extremely happy to receive support from major global investors. We recently released the second version of our Protocol, and several new products are on the way. Thanks to the funds received, we will be able to develop advanced solutions that will play a vital role for the DeFi sector,” Sergey Kunts, co-founder and CEO of 1inch, said.
Recall that the updated version of the platform developers 1inch presented in early November. Its main feature is the new Pathfinder algorithm, designed to find the best opportunities for token swaps quickly
The project raised $2.8 million from Binance Labs, Galaxy Digital, and other investors in August.