1inch.exchange raises $2.8 million in funding round led by Binance Labs

DEX startup 1inch.exchange has secured $2.8 million in funding from the likes of Binance Labs and Galaxy Digital, which it will use to grow its operations.

By · Aug 13, 2020 . 4min read

1inch exchange raises funding

1inch has raised $2.8 million in a funding round led by Binance Labs. The DEX aggregator launched last year at the ETH Global Hackathon. It is a liquidity aggregator that connects multiple decentralized exchanges.

1inch was founded by a former software engineer from the carmaker, Porsche and a former smart contract developer from NEAR blockchain protocol. Namely, CEO Sergej Kuntz and CTO Anton Bukov, respectively.

Binance Labs led the funding round but also included the likes of Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, and so on.

What 1inch essentially does is that it provides swaps between ERC20 tokens. They do this by drawing liquidity from exchanges such as Uniswap, Kyber, Bancor, etc. Anton Bukov, in talking to Coindesk mentioned:

“When we thought of making an aggregator, there were about five big DEXs on the market, with significant price differences. First, we created a website showing the best prices, but then figured out we need to split orders between different DEXs to get better prices than each one of those DEXs offered.”

Over the last few months alone, 1inch has reportedly facilitated from than $1 billion in tokens going through its smart contracts. Coingecko finds that 1inch is managing over $20 million in trades daily. It has nearly 18,000 wallets registered on its platform.

The startup plans to make the most out of the DeFi wave and wants to become the first DeFi unicorn. Kuntz also spoke about how they plan to launch their own token soon, and potentially provide liquidity mining as well.

Recently we reported on how DEX Aggregator 1inch.exchange released Automated Market Maker calling it Mooniswap. Now, the funding news seems like no surprise.

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