The 1inch exchange aggregator raises $ 2,8 million from Binance Labs, Galaxy Digital and others

1inch exchange aggregator raises $ 2,8 million from Binance Labs, Galaxy Digital and others - 2d6d435d 7df9 4c74 bc14 fc54c6537254 1024x576Launched by a team of software engineers from Porsche and NEAR Protocol, 1inch raised $ 2,8 million in a funding round led by Binance Labs.

1inch convinces investors

The platform was launched at the ETHGlobal hackathon last year as a liquidity aggregator linking several decentralized exchanges (DEXs). This summer, it reported exceeding the $ 1 billion mark in the total volume of tokens registered through its smart contracts.

Investors in the funding round, announced on Tuesday, also included Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures. Also present were Loi Luu, founder of Kyber Network, and Illia Polosukhin, co-founder of NEAR Protocol.

The 1inch startup

The startup was founded by its CEO, Sergej Kuntz, a software engineer at German luxury carmaker Porsche (about to leave the company to devote full-time to its crypto projects), and CTO Anton Bukov, a former smart contract developer at the NEAR blockchain protocol.

1inch provides exchanges between ERC-20 tokens (an Ethereum standard), drawing liquidity from various exchanges including Uniswap, Kyber, Bitcoin system, Bancor, Mooniswap (also founded by Kuntz and Bukov) and others. “When we thought about creating an aggregator, there were about five large DEXs on the market, with significant price differences,” Bukov told the media.

"First of all, we created a website that showed the best prices, then we realized we had to split orders between different DEXs to get better prices than each of those DEXs there."

1inch's goal is to continue expanding

According to market data provider CoinGecko, 1inch is currently facilitating over $ 20 million in daily trading. And the company has no plans to stop there. There are currently around 17.700 wallets registered on 1inch, according to the startup.

The newly announced investment will fuel 1inch's team expansion (now 16 people), new product development and marketing. The project aims to ride the “gold rush” wave of Decentralized Finance (or DeFi) and possibly even become the first DeFi unicorn out there, Kuntz said.

In the coming months, 1inch is planning to release its token and provide liquidity mining, or yield farming, on Mooniswap. “DEX aggregation is a key element that has co-enabled the recent boom in DeFi.

Enables you to execute large orders at low slippage rates. 1inch has effectively become the interface for executing trades in DeFi, with aggregate volumes exceeding $ 1 billion, ”said Changpeng Zhao (CZ), CEO of Binance, in a statement for the XNUMXinch press release.