The team behind the 1-inch protocol, which combines an automated market maker protocol with an aggregator for other DEX applications, announced a successful $ 12 million Series A round on Wednesday.

Pantera Capital, a major cryptocurrency venture capital fund, led the round. A total of 10 other funds joined the round, including: ParaFi Capital, Nima Capital, LAUNCHub Ventures, Spark Capital, Gumi Cryptos, Fabric Ventures, Struck Capital, Rockaway Blockchain Fund, Spartan Capital Securities and Blockchain Capital.

Three entrepreneurs were also co-financing, including Josh Hana, Partner at Silicon Valley Fund Matrix Partners; Ken Warwick, founder of Synthetix; And Alexander Buck, founder of Dragonfly Capital, a cryptocurrency investment fund.

The 1-inch investment will be used to expand the team further since the last initial round of $ 2.8 million. 1inch co-founder Sergey Kuntz told Cointelegraph that the team is currently working in several areas of development:

“The entire 1-inch team is currently working hard on various measures, including Mooniswap’s Liquidity Protocol update and the upcoming release of 1INCH, which will have some innovative instant management features.”
For 2021, the team unveiled three unannounced products that are “already in development”. An investment round is needed to implement these ideas, as Koontz noted, “We need to hire more highly-qualified professionals, and therefore, specialists are somewhat expensive.”

Koontz also said the team wants to expand its geographic footprint. Funds raised in Series A will be used in part for marketing initiatives to this end, with a special focus on the Asia-Pacific region. Chinese users are especially interested in taking advantage of DeFi’s potential.

1 Inch Exchange Protocol is a DEX aggregator that automatically splits orders at the best rate. Pathfinder’s algorithm scans large AMM protocols to find the best possible speed, often using rather complex strategies. The one-inch team also launched the AMM decentralized exchange called Mooniswap. Its major innovation is the concept of virtual pool balancing, which gradually smooths out price changes over five minutes to avoid pre-calculation and reduce unending losses.

Source: CoinTelegraph