According to Decrypt, DeFi Platform 1inch recently raised $12 million in a Series A funding round. The funding round was led by Pantera Capital, with participation from a few other firms.
In one year, 1inch has developed rapidly, exceeding $6 billion in total volume. Now, the DeFi platform said the secured funds would be used to expand 1inch’s project. Over the past few months, the DeFi space has grown significantly with the introduction of DeFi apps. The DeFi space has recorded gains over time and is currently worth nearly $15 billion.
Speaking to Decrypt, the CEO and co-founder of 1inch Sergej Kunz commented on the just-concluded funding round. He said:
“The recently secured funding comes in extremely handy. We’ll use the funds to expand geographically and support extra marketing activities in new regions, such as the Asia Pacific region.”
In addition, 1inch hopes to also expand its employee’s size and develop the team. Kunz added that the DeFi platform would soon unveil their “ambitious roadmap.” 1inch is planning to hire more experts and professionals to help the team execute its ideas.
The CEO noted that the 1inch team is currently looking to execute several projects and updates. The team is working on an update for its automated market maker Mooniswap, which was released in August.
Image Credits: Pixabay
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