1inch Network announced Wednesday that it has raised $175 million in its funding round.
1inch Network, the project behind the decentralized crypto-asset trading platform 1inch, received an investment of $175 million. Investors such as Jane Street, VanEck, Alameda Research, Celsius, Nexo and the Gemini Frontier Fund also participated in the tour, led by the Amber Group.
Co-founder Sergej Kunz said in a statement on the subject that they aim to serve institutional clients, including banks and hedge funds. He said that for this purpose, the company plans to obtain licenses in Europe and the USA, and the first step is Europe. He also added that 1inch is currently exploring current regulatory opportunities in Germany, Gibraltar and Liechtenstein.
The project is also working to launch a product called 1inch Pro specifically for corporations. The product is expected to launch in late 2022 or early 2023. Saying that it will provide “permission pools” for institutions and only allow verified participants, Kunz said its individual users will need to meet KYC and AML requirements to access all available liquidity resources and services that will run under the 1inch Pro product.