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1inch Network raises $ 175 million to bring traditional finance to DeFi



1inch Network has secured $ 175 million in funding to enhance its entry-level institutional products.

The decentralized exchange aggregator 1inch Network has completed a sizeable Series B investment round, raising $ 175 million as part of a broader effort to expand protocol utility and improve access to liquidity within the DeFi market.

DeFi, which has seen exponential growth since mid-2020, is made up of a myriad of companies and protocols trying to disrupt the financial system.

More than 50 investors participated in the round, which was carried out as a sale of 1INCH tokens, including Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund. According to the 1inch team, the investment target was originally set at $ 70 million but eventually more than doubled.

1inch Network will use the funds to increase its capacity for the ongoing regulatory changes affecting the DeFi market. The funds will also be used to bring institutional clients on board, create new protocols, and expand the utility of the 1INCH token, which has a market capitalization of around $ 650 million.

1inch is developing a separate service that requires approval called 1inch Pro, which is expected to be launched in late 2022 or early 2023. The service will employ a compliance protocol that will give institutional investors direct access to various DeFi tools and services.

More DeFi news

Cook Finance, a decentralized wealth management platform, launches on Avalanche, offering users of the rapidly growing blockchain ecosystem a range of DeFi indices.

The new service comes at a time when Avalanche and other emerging blockchains are trying to take market share from Ethereum, where users have been complaining about high fees.

Another sign of activity picking up in DeFi is the surge in trading volume on decentralized exchanges (DEX) such as Uniswap and SushiSwap, which have seen a slow increase in activity since the market bottomed out in mid-July.

In the meantime, around 31 million dollars in various cryptocurrencies from MonoX were stolen in a DeFi hack. MonoX is a DeFi platform that offers liquidity pools in which traders can place their tokens and receive tokens in return for the provision of liquidity. Funds stolen included $ 18.2 million in Wrapped Ether (WETH) and $ 10.5 million in Polygon (MATIC).

According to a report by security company AtlasVPN, hacks in the DeFi system were responsible for almost 76% of all major hacks worldwide in 2021. Scammers target these high-quality contracts with fake projects. According to the report, a total of $ 361 million was lost to DeFi hacks, compared to $ 129 million last year.

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