1inch Network, one of the largest DeFi altcoin and DEX platforms in the market, has reached 175 million investments in the Series B funding round, according to the statements made today. Behind the investment are crypto-related companies such as Gemini Frontier, Amber Group, and Alameda Research. According to the statements, 1INCH was sold at a discounted price of $1.5 per unit to garner more corporate attention. The 1INCH price is also reacting to the news by 20%. Let’s continue with the details…
DeFi altcoin 1inch Network will use its investment in the institutional market
According to the official announcement, investors include companies close to the cryptocurrency market such as Gemini Frontier, Amber Group, VanEcK, and Alameda Research. By collecting 175 million in the 1inch Network Series B investment round, it surpassed the 14.8 million total investments it has received to date. Sergej Kunz, co-founder of the altcoin project, reports that the new investment will be used to serve institutional firms, including banks and hedge funds. He also stated in his statements that they want to obtain a license in Europe and the USA and that they will take the first step in Europe.
According to The Block, the altcoin project has sold 1INCH tokens to companies at a discounted price. Currently trading at $3.89, 1INCH is reportedly sold to companies for $1.50. Regarding the sale at a discounted price, it was announced that it was done for the purpose of developing the network and attracting investors.
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