Uniswap Labs, the firm behind the Uniswap decentralized exchange protocol, announced on Thursday that it raised $165 million in a Series B funding round. According to one report, the capital raise, which sees Uniswap Labs’ valuation rise to $1.66 billion, is the largest by any crypto firm in 2022.
Uniswap Completes $165M Capital Raise, Decentralized Exchange Reveals NFT Launch
Uniswap Labs, the creator of the decentralized exchange (dex) Uniswap protocol, recently said it had raised $165 million via a Series B funding round. The funding round was led by Polychain Capital with the participation of the firm’s long-time investors like Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant.
In a recent blog post authored by Hayden Adams, the developer and founder at Uniswap Labs, said that the new funding will be used to support the firm’s expansion plans. In addition to “bringing the powerful simplicity and security,” Uniswap Labs plans to launch non-fungible tokens (NFTs) and to move into mobile, the blog post said.
Also, in the blog post, Adams highlights his firm’s unique approach and how this makes Uniswap good at what it does. He said:
As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own. As an example, the governance community recently voted to create the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years.
According to a Techcrunch report, the capital raise saw Uniswap’s valuation rise to $1.66 billion, thus making it the most significant Series B capital raise by any crypto firm so far in 2022.
Statistics from coingecko.com’s decentralized exchange (dex) data show that Uniswap is the largest dex platform today, in terms of total trade volume worldwide. At the time of writing, Uniswap supports 609 crypto tokens, and dex saw $880.67 million in 24-hour global trade volume on Thursday.
What are your thoughts on this story? Let us know what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
