The 1inch.exchange has become the tenth company in the Rockaway Blockchain Fund investment portfolio, alongside other projects such as Terra.money stablecoin for e-commerce or the Solana smartcontract platform. The fund was created in June of this year with a target of investing $ 100 million (over CZK 2 billion) into projects upon which a future financial system could be based
In the case of the current 1inch.exchange investment round, the Rockaway Blockchain Fund has joined a group of investors led by Pantera Capital. Other investors include ParaFi Capital and Nima Capital. Total investment amount of $ 12 million will be used to expand to new markets, grow its team, and expand its marketing activities.
“We see similarities in the 1inch business model with what the Heureka price comparison platform is doing, for example. But instead of e-shops, 1inch aggregates decentralized exchanges. The team has an excellent reputation in the blockchain sector, mainly thanks to winning several prestigious programming competitions (hackathons). We’re very glad that we can help founders Sergej Kunz and Anton Bukov on their road to become a leading player on the field of decentralized exchanges,” says Rockaway Blockchain Fund partner Viktor Fischer.
In practise, it works as follows: a user issues an order to exchange tokens and 1inch searches for the best price across decentralized exchanges, and settles the order using this price. “The volume of transactions made through 1inch have been growing 56% per month on average since the beginning of this year, now reaching over $ 1.3 billion per month. The number of users is growing 31 % per month. We are confident that this growth will remain sustainable over the long term, mainly thanks to the new products the team is actively developing,” adds Fischer.
This is already the second investment round for 1inch this year; in the first it obtained seed investments of $ 2.8 million from top institutional investors including Binance Labs, Galaxy Digital, Libertus Capital, Dragonfly Capital and others.
For the Rockaway Blockchain Fund this is the tenth investment into a promising start-up, with another five investments made into renowned VC funds, such as Polychain Capital, Pantera Capital and others. By investing both into top blockchain VC funds and top projects, RB provides for its investors the broad exposure to the high growth segment of financial services innovation by blockchain. Swiss bank Julius Baer has for example already included it among its products.
About the Rockaway Blockchain Fund
The Rockaway Blockchain Fund is a traditional venture capital investor investing into digital assets. The fund invests globally into exceptional founders that are investing into the next generation of financial services based on blockchain technology. As part of its investment strategy the fund also invests into other funds focused on blockchain. The fund has an established team, network, and existing portfolio of start-ups, including for example Solana, Uniswap, Terra, Vega, Bitcoin Suisse, or 1Inch. Funds into which the Rockaway Blockchain Fund invests include for example Pantera Capital, Polychain, Blockchain Ventures, or 1kx. The Rockaway Blockchain Fund is part of Rockaway Capital, a leading internet investor with assets in 16 countries and a portfolio generating annual revenues of more than EUR 2.5 billion.