Uniswap Labs, the parent company of decentralized crypto exchange Uniswap, announced raising $165 million in the Series B funding round with $1.66 billion in valuation. The round was led by Polychain Capital and with participation from existing investors a16z crypto, Paradigm, SV Angel, and Variant. Currently, the company looks to expand solutions for Web3, DeFi, and NFT markets.
Uniswap Labs Raises $165 Million in Series B Funding Round
Uniswap Labs in a series of tweets on October 13 said it has raised $165 million in Series B funding with a focus on expanding Uniswap simplicity across the world. In fact, Uniswap Labs is now a unicorn valued at $1.66 billion.
The company earlier announced that several investors including Polychain Capital and Singapore’s sovereign fund have shown interest in the fundraising round of Uniswap Labs. The Series B funding also saw participation from existing investors including a16z crypto, Paradigm, SV Angel, and Variant.
Uniswap Labs raised $11 million in the Series A funding round in August 2020, led by a16z and Paradigm. The participation from existing investors indicates trust and commitment to the Uniswap protocol despite the crypto winter.
Hayden Adams, the inventor of the Uniswap Protocol, said:
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“For us, the industry has started to prove itself and we’re seeing the value of it, especially in this bear market when a lot of centralized infrastructure failed, and a lot of decentralized entities prevailed.”
Uniswap protocol was created to support the decentralization, security, and accessibility values of Ethereum. Since then, the protocol supported $1.2 trillion in trading volume, commands 64% of all DEX volumes, and has a market cap of nearly $5 billion.
Moreover, the Uniswap Foundation will support the growth of the decentralized Uniswap ecosystem. Also, it would give at least $60 million in grants to community projects over the next few years.
Meanwhile, the company looks to offer more solutions to the Web3, DeFi, and NFT markets. It aims to create simpler, safer user experiences for its users.
UNI Price Soars Higher
UNI price jumps over 7% after Uniswap Labs announced raising $165 million in the Series B funding round.
The 24-hour low and high for UNI are $5.45 and $6.13, respectively. Also, the trading volume has jumped nearly 80%. At the time of writing, the price is trading at $5.85, still 4% down in the past 24 hours.
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