Uniswap Successfully raises $165 million.

Uniswap Labs has raised an amazing $165 million in a Series B investment round. This comes after reports that Uniswap was looking into ways to raise between $100 and $200 million. The decentralized exchange commands over 64% of all DEX volume and the token has a market cap of nearly $ billion during this bear market. For comparison, when the bull cycle of last year was at its peak that was $22.5 billion.

The round was led by Polychain Capital and joined by A16z crypto and other renowned companies such as Paradigm, SV Angel and Variant. This funding round pushes the valuation of the decentralized exchange beyond about $1.7 billion. 

The team at Uniswap plans to use the funds to “broaden its offerings” which will include the creation of an NFT aggregator. Customers will be able to trade NFTs on Uniswap from many different marketplaces. Uniswap Labs also has plans to offer a wallet that would help facilitate in all exchanges on the platform.

In reading the announcement made by the company us

Uniswap Labs has raised an amazing $165 million in a Series B investment round. This comes after reports that Uniswap was looking into ways to raise between $100 and $200 million. The decentralized exchange commands over 64% of all DEX volume and the token has a market cap of nearly $ billion during this bear market. For comparison, when the bull cycle of last year was at its peak that was $22.5 billion.

The round was led by Polychain Capital and joined by A16z crypto and other renowned companies such as Paradigm, SV Angel and Variant. This funding round pushes the valuation of the decentralized exchange beyond about $1.7 billion. 

The team at Uniswap plans to use the funds to “broaden its offerings” which will include the creation of an NFT aggregator. Customers will be able to trade NFTs on Uniswap from many different marketplaces. Uniswap Labs also has plans to offer a wallet that would help facilitate in all exchanges on the platform.

In a blog post the CEO of Uniswap, Hayden Adams spoke on his beliefs and how he plans to use the funds to support growth. Mr. Adams continued and showed how excited he was to be moving forward with the offerings for customers in a statement:

Now, Uniswap Labs is bringing the powerful simplicity and security that has defined the Uniswap Protocol to even more people across the world by investing in our web app and developer tools, launching NFTs, moving into mobile — and more!

 

Hayden Adams also teased the creation of the Uniswap Foundation, which will contribute to the decentralized development of the protocol by giving grants in the amount of $60 million to community projects.

This new influx of funds is a testament to the staying power of Uniswap Labs as most investors see the market downturn as a large turn-off to investment. There has been a decline in investment for crypto startups at 37% year to year.

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