1inch Network, a platform that aims to find the best deals across multiple decentralized exchanges (DEXs), is looking to raise $70 million in a Series B round token sale at a $2.2 billion valuation, the firm confirmed to CoinDesk in an email Thursday. The news was first reported by The Block.

1inch is in the early stages of this latest venture round, which it is looking to close by the end of 2021.
In an email, 1inch co-founder Sergej Kunz said the company would use the capital to decentralize its “network of backers even further,” noting that it had already grown “from two-and-a-half men in 2019 to more than 65 contributors and multiple teams around the globe.”
Kunz added that 1inch was “looking for smart money and value add contributors to help us with our path forward with 1inch Pro, its institutional-grade, regulated product offering.”
Sergey Maslennikov, 1inch’s chief communications officer, wrote separately that the company would expand its developer and marketing teams as it “aims to release two more protocols.”
Maslennikov also said that 1inch was looking “to onboard the next 10 million users in DeFi” with its 1inch wallet app.
Earlier this month, 1inch expanded to the Optimistic Ethereum mainnet, which it expects will help increase transaction speeds and lower gas fees for 1inch users.
“The 1INCH token price in discussion is $1.50 and will be sold in part from our Growth & Development Fund to ensure the healthy growth and expansion of the 1inch Network,” Maslennikov said of the raise.
“This round’s tokens will also have a lock-up period with linear vesting similar to previous rounds,” he added.

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UPDATE (August 31, 05:51): Adds Kunz’s comments.

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1inch Network Aiming for $70M Venture Round at $2.25B Valuation

The company said it was in the early stages of its Series B token sale.

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