The business behind the decentralised cryptocurrency exchange Uniswap, Uniswap Labs, has raised $165 million at a $1.66 billion value in a Series B fundraising round. Polychain Capital acted as the lead investor, with involvement from a16z crypto, Paradigm, SV Angel, and Variant.
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The business’ current focus is on growing its product offerings in the Web 3.0, Wi-Fi 4.0, and near field communication (NFT) areas.
Series B Funding Round for Uniswap Labs Closed at $165 Million
On October 13, in a series of tweets, Uniswap Labs announced that company has secured $165 million in Series B funding to further roll out Uniswap’s global simplicity. The current valuation of Uniswap Labs, a unicorn company, is $1.66 billion.
Uniswap Labs previously indicated that a number of investors, including Polychain Capital and Singapore’s sovereign fund, have expressed interest in participating in a funding round. Existing investors such as a16z crypto, Paradigm, SV Angel, and Variant all contributed to the Series B round of fundraising.
In August of 2020, a16z and Paradigm helped Uniswap Labs to raise $11 million in Series A investment. Current investors’ continued support shows that they have faith in the Uniswap protocol even in the face of the crypto cold.
To paraphrase Uniswap Protocol creator Hayden Adams:
In this weak market, when much centralised infrastructure has failed and much that is decentralised has succeeded, the industry has begun to prove itself, and its value is becoming apparent to us.
With Ethereum’s emphasis on decentralisation, security, and accessibility in mind, the Uniswap protocol was developed. Since then, the protocol’s market cap has increased to approximately $5 billion, it has supported $1.2 trillion in trading volume, and it controls 64% of all DEX volumes.
In addition, the Uniswap Foundation will foster development of the Uniswap’s distributed environment. Also, over the next five years, it would award grants totaling at least $60 million to local initiatives.
While that’s happening, they’re working on expanding their product offerings for the Web3, DeFi, and NFT industries. Its goal is to make its consumers’ lives easier and more secure.
In response to Uniswap Labs’ announcement that it had secured $165 million in a Series B fundraising round, the price of UNI jumped by more than 7 percent.
Price of UNI has gone as low as $5.45 and as high as $6.13 in the past 24 hours. The amount of trades has increased by around 80% as well. The price is $5.85 at the time of this writing, which is a decrease of 4% from 24 hours ago.
Source: Google Trend