Decentralized exchange Uniswap Labs has raised $165 million in a series B funding round that saw participation from some of the biggest blockchain venture capital firms, putting the company on track to expand into other blockchain-focused domains. the cryptocurrencies.
The funding round was led by Polychain Capital with the participation of several existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel.. The funding round confirms previous information from Cointelegraph that Uniswap was looking to raise between $100 million and $200 million.
Uniswap said the funding would go towards expanding its existing product offerings and improving the user experience through new web apps, developer tools and a move to mobile. The company also plans to launch non-fungible token (NFT) projects in the future.
The official announcement was titled “Bringing Web3 to the World,” a sign that Uniswap intended to incorporate many of the core ideas that separate Web3 from the current Web2 environment.
1/ We’re proud to announce that we’ve raised $165 million in Series B funding to bring the powerful simplicity of Uniswap to even more people across the world https://t.co/ChilydWOEO
— Uniswap Labs (@Uniswap) October 13, 2022
1/ We are proud to announce that we have raised $165 million in Series B funding to bring the powerful simplicity of Uniswap to more people around the world
Uniswap rose to fame during the decentralized finance craze of 2020, when traders began looking to exchanges for small-cap DeFi projects. In February 2021, andUniswap’s cumulative trading volume surpassed $100 billion for the first time. Since then, Uniswap’s cumulative trading volume has grown to $1.2 trillion, according to its founder Hayden Adams.
Although the demand for DeFi products has dried up in the past year, the sector has continued to perform as advertised during one of the most volatile periods in crypto history. DeFi platforms are filling a void left by the implosion of centrally financed companies, as borrowers seek new credit opportunities.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.