Germany-based decentralised exchange aggregator 1inch has raised $12m in a funding round backed by mobile game publisher Gumi’s blockchain-focused fund, Gumi Cryptos.
Blockchain advisory firm Spartan Group, ParaFi Capital, Launchub Ventures, Spark Capital, Fabriс Ventures, Struck Capital, Pantera Capital, Blockchain Capital, Rockaway Blockchain Fund and Nima Capital also backed the round, with angel investors Josh Hannah, Kain Warwick and Alexander Pack.
Founded in May 2019, 1inch runs an online platform it claims provides the best exchange rates for cryptocurrencies by splitting orders among multiple decentralised exchanges in a single transaction.
The company will use the funding to develop its range of products, hire new staff, ramp up marketing and expand into new markets.
Binance Labs, the investment arm of cryptocurrency exchange Binance, led a $2.8m seed round for 1inch in August this year that included cryptocurrency exchange FTX, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, IOSG Ventures, Launchub Ventures and Divergence Ventures.
The seed round was filled out by Loi Luu, founder of decentralised exchange Kyber Network, and Illia Polosukhin, co-founder of decentralised application platform developer, Near Protocol.