Uniswap Labs, the creator of a top decentralized exchange for trading and automated liquidity provision on Ethereum, recently disclosed that it raised $165 million in Series B funding to bring Web3 to everyone. The round was led by Polychain Capital, along with participation from investors like a16z crypto, Paradigm, SV Angel, and Variant.
What is Uniswap?
Uniswap is a decentralized exchange (DEX) bearing on the Ethereum blockchain, allowing users to trade digital tokens in a decentralized way. Traders can swap Ethereum tokens and Ethereum-based tokens on the platform without trusting any party with their funds. Users can also lend their tokens to its liquidity pools and earn fees in exchange.
Presently, theV3 supports over 45% of the whole global decentralized exchange trading volume, as per data from DeFiLlama and CoinMarketCap, making it the market leader in the DEX part. More about the fundraising a few months back, it was reported the New York-headquartered company was in talks with investors to extend $100 million capital at a valuation of $1 billion. As per a report, the $165 million fundraising values Uniswap at $1.66 billion.
In a blog verifying the news, the Founder and CEO Hayden Adams stated, as Uniswap Labs focuses on products, a much wider ecosystem continues to develop and thrive beyond what any one company can do on its own. For instance, the governance community lately voted to begin the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and provide at least $60 million in assistance to community projects over the next few years. The CEO also added that when he built the Protocol back in 2018, it was an experiment to see if they could create a product that was fine, secure, and accessible. Since then, it has developed and evolved in ways he never imagined. It’s backed $1.2 trillion in trading volume to date and has become a critical public infrastructure for trading digital value, says Hayden Adams.
In April, Uniswap Labs founded UniSwap Labs Ventures for focusing on investing in Web3 startups developing consumer-facing apps, developer tools, and blockchain infrastructure. It joined a growing number of crypto-native businesses that are now formally devoting funds to invest in other startups in the sector, such as Defi protocol Cake and cryptocurrency exchange FTX. The company has also invested in 11 firms which include likes of Tenderly, LayerZero, MakerDAO, Aave, Compound Protocol, and PartyDAO.
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