Crypto investment giant Pantera Capital is branching out into the ever-expanding DeFi space.
The firm has recently backed a few small-to-mid-sized DeFi projects, including the decentralized exchange aggregator 1inch (1INCH) and the upcoming Bitcoin options trading platform PowerTrade (PTF).
PTF hasn’t launched yet but it also has the backing of other major players besides Pantera, including the founders of CoinGecko, Kyber and Synthetix.
The 486th-ranked crypto asset by market cap is up more than 180% in the past 30 days and is trading at nearly $0.60 at time of writing, according to CoinGecko. The team behind the project had reportedly raised $4.7 million as of September.
1inch aims to discover the most cost-effective swap pairs across all leading decentralized exchanges. The aggregator gives traders access to liquidity from various decentralized exchanges and liquidity protocols.
Pantera announced its investment in the project last month, saying such a move would improve the emerging DeFi ecosystem.
“…with hundreds of DEXes and AMMs in the market, liquidity has fragmented across the digital asset ecosystem. For traders, this means that selecting the right DEX or AMM could have considerable impact on the prices of the selected token pair. On top of that, each DEX or AMM only covers a specific set of crypto pairs, and individual DEXes tend not to be interoperable with each other. Ultimately, traders are left craving a better solution.”
1inch’s token launched in late December and is up more than 85% in the past two weeks, according to CoinGecko. The 107th-ranked cryptocurrency is trading at $1.87 at time of writing.
A full list of Pantera’s investments can be found here.Check Price Action
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