Mike Novogratz’s Galaxy Digital, Binance Labs Lead $2.8 Mln Funding Round by Major Investors to 1inch Project

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Tue, 08/11/2020 - 13:00
Yuri Molchan
Fast growing decentralized project 1inch has just closed a funding round worth almost $3 mln led by Binance Labs, Galaxy Digital and other major hedge funds
Mike Novogratz’s Galaxy Digital, Binance Labs Lead $2.8 Mln Funding Round by Major Investors to 1inch Project
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A press release shared with U.Today reveals that the project 1inch has just secured a $2.8-mln funding round led by Binance Labs and Galaxy Digitalrun by Mike Novogratz.

Among the investors are Greenfield One, Divergence Ventures and Kyber Network co-founder Loi Luu.

This funding round followed the milestone 1inch recently achieved by exceeding $1 bln in overall volume.

1inch expands exponentially

The decentralized exchange aggregator 1inch uses smart contracts to source liquidity from various crypto exchanges. It splits one crypto transaction across several decentralized exchanges.

Thus, it optimizes and customizes trades for its users. The project has already integrated support from major dexes, such as Kyber Network, Bancor, Uniswap and several others.

Binance chief and founder CZ referred to 1inch recently, saying that dex aggregation has been crucial for the recent DeFi boom. He said:

It is of great pleasure to support the 1inch team in their relentless quest to drive user adoption in DeFi.

The 1inch project has been rolling out new products to the market quite quickly of latefor example, Pathfinder and automated market maker (AMM) protocol Mooniswap.

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1inch investors in the $2.8 mln funding round

Aside from such major players as Binance Labs and Galaxy Digital, led by renowned Bitcoin investor Mike Novogratz, other venture funds have joined them: Greenfield One, Dragonfly Capital, Libertus Capital, LAUNCHub Ventures, FTX, NEAR Protocol co-founder Ilya Polosukhin and others.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.