Altcoin price surpassed $ 4.25 after DeFi protocol announced raising $ 175 million from Amber Group, VanEck, Fenbushi Capital, Alameda Research and other large companies
The price of the 1inch DeFi protocol token increased by 20% in half an hour, reaching $ 4.25. At 17:15 Moscow time, the altcoin is trading at $ 4, and its capitalization is $ 731 million. Over the month, the price of the token has decreased by more than 12%.
The cost of 1inch began to skyrocket after the decentralized trading platform announced that it had raised $ 175 million. According to The Block , Amber Group spearheaded the DeFi Protocol funding round. Other large companies such as VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo and Gemini Frontier Fund also invested in the project. The project will use the raised funds to create new protocols, develop additional functionality of 1INCH tokens and hire employees.
1inch is a decentralized exchange (DEX) aggregator that combines multiple DEX exchanges into one platform with the aim of enabling its users to find the most efficient swap routes across all platforms.