Amber Group, a Hong Kong cryptocurrency unicorn, leads an investment in the decentralized exchange 1inch. Other investors include FTX founder’s company Alameda, trading firm Jane Street, ETF company VanEck, crypto fund Fenbushi, among others.
Decentralized token exchange (DEX) platform 1inch Network aggregates the trading offers from other DEX platforms. 1inch provides users with the most favorable prices for trading cryptocurrencies.
Amber leads in the round to 1inch, along with 49 investment companies and traditional financial institutions in the U.S.
Investors include: Alameda Research, under FTX founder Sam Bankman-Fried (SBF), top Wall Street market maker Jane Street, U.S. ETF company VanEck, Chinese crypto fund Fenbushi, DeFi platform Celsius, Gemini’s Frontier Fund, among others.
Institutional investors, led by Amber, invested $175 million in 1inch, in return for the same worth of 1INCh tokens in a private token sale. Thereby, the deal values 1inch at $2.25 billion. Also according to reports, investors would obtain 8% of the total supply of 1INCH tokens.
In the new funding round, 1inch aims to introduce financial institutions onboard to expand the institutional market. 1inch will launch a DeFi insurance product in the first quarter of 2022. Additionally, it will offer DeFi services to mainstream financial institutions as early as the end of 2022. The new service, 1inch Pro, focuses on offering compliant DeFi services.
Amber, Alameda, Jane Street, VanEck Holding 1INCH Tokens
Unlike exchanges such as Coinbase, Binance (which also invested in 1inch), FTX, 1inch is a decentralized crypto trading platform. 1inch effectively integrates dozens of DEX platforms – including Ethereum’s leading exchange Uniswap – enabling users to enjoy the best rates.
You may think of 1inch is Trivago in the crypto field. Its peers include ParaSwap, an established DEX which has just launched token PSP airdrop.
1inch is shifting to mainstream financial institutions with its compliant DeFi service 1inch Pro. And, this is 1inch’s move amid the stricter DeFi regulation in the U.S. Previously, Uniswap restricted U.S. users from trading several tokens, under the regulatory concern. In September, 1inch also announced that it would block U.S. IP addresses from using the 1inch platform.
Therefore, 1inch Pro will ensure compliance with DeFi service under the U.S. regulations. This will require institutional clients to comply with KYC, AML regulations. Additionally, 1inch Pro is offering a separate, permissioned liquidity pool.
“The next $1 trillion of assets entering DeFi will come from institutions rather than retail users,” said 1inch co-founder Sergej Kunz. “And 1inch would like to facilitate entry for them.”
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