1inch Network raised $175 million

1inch completed a $175 million Series B funding round. The company is now valued at $2.25 billion.

The round was funded by more than 50 of the world's leading funds and crypto asset management companies. It was headed by the Hong Kong company Amber Group.

The decentralized exchange plans to launch a platform to attract institutional investors, providing them with access to an expanded list of financial products. According to one of the founders, Sergey Kunz:

Our main goal is to open the doors to DeFi for institutions. The next $1 trillion in assets coming into DeFi will come from institutions, not retail users, and 1inch would like to make that journey easier for them.

To make its plan easier, 1inch is creating a dedicated service, 1inch Pro, which it plans to launch late next year. The service will allow typical traditional financial institutions such as banks, hedge funds and market makers to participate in DeFi.

1inch has become the largest DEX aggregator, handling $100 billion on the Ethereum network alone. In addition, 1inch is considering other blockchains. Kunz said:

We plan to add several more blockchains, such as Solana, Avalanche, NEAR, xDAI, as well as layer 2 solutions such as zkSync, but final decisions have not been made yet.

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