DEX Aggregator 1inch Raises $2.8M From Binance Labs, Galaxy Digital and More

DEX Aggregator 1inch Raises $2.8M From Binance Labs, Galaxy Digital and More

1inch CTO Anton Bukov, CEO Sergej Kuntz and smart contract developer Mikhail Melnik (1inch)

Launched by software engineers from Porsche and NEAR Protocol, 1inch has raised $2.8 million in a funding round led by Binance Labs.

The platform was launched at the ETHGlobal hackathon last year as a liquidity aggregator connecting multiple decentralized exchanges (DEXs). This summer, it reported passing threshold in the total volume of tokens going through its smart contracts.

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

The startup was founded by its CEO, Sergej Kuntz, a software engineer at German luxury car maker Porsche (and about to leave to go full time for his crypto projects), and CTO Anton Bukov, a former smart-contract developer at blockchain protocol.

1inch provides swaps between ERC-20 tokens (an Ethereum standard), pulling liquidity from exchanges including Uniswap, Kyber, Bancor, Mooniswap (also founded by Kuntz and Bukov) and others.

Coinbase’s Existing $8B Valuation Means It Doesn’t Need an IPO, Lawyer Says

Previous

Alchemy Goes Public With Developer Platform in Bid to Grow DeFi Ecosystem

Next

More