Popular DEX aggregator 1inch has raised $2.8 million in a recent funding round led by the venture arm of crypto exchange Binance. The news comes after the platform achieved a significant milestone of surpassing $1billion in total volume.
1inch is a decentralized exchange (DEX) aggregator platform that splits single transactions across multiple DEXs to allow users to customize each trade. Platforms using 1inch include Uniswap, Kyber Network, and Balancer among various others.
1inch funding round
The platform’s funding round saw participation from industry players such as Galaxy Digital, FTX, and Libertus Capital among various others.
According to the firm’s CEO, the platform plans to utilize the funds to expand its team while expanding its marketing efforts for its latest products. The firm will continue to develop its algorithm along with new innovative products.
The CEO noted that DeFi has been gaining momentum recently and is “in full swing.” He added that 1inch has the potential to become DeFi’s first unicorn company.
The company recently released “Pathfinder,” a new algorithm for swapping transaction routes. the algorithm’s implementation significantly improved the speed of the aggregator.
The platform currently facilitates more than $20 million worth of transactions each day, as per CoinGecko data.
As the platform’s CEO noted, the DeFi markets have grown significantly this year. The total value locked in DeFi protocols is nearing $5 billion while its market cap has surpassed $11 billion.
Meanwhile, 1inch currently facilitates more than $20 million worth of transactions each day, as per CoinGecko data. The platform boasts a wallet count above of 17,700. July’s statistics showed that nearly 1,200 wallets were active daily.