Uniswap Labs announced that the company behind the Uniswap exchange protocol has raised $165m in a Series A 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 Announces $165M Capital Raising, Decentralized exchange Reveals NFT Start
Uniswap Labs was the founder of the decentralized Exchange (dex) Uniswap protocol. It recently announced it 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 added:
Uniswap Labs focuses primarily on product development, but a wider ecosystem is growing and flourishing beyond what any company alone can achieve. 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. Uniswap has 609 supported crypto tokens at the time this article was written. On Thursday, global trade volumes for dex reached $880.67 million.
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