Decentralised exchange Uniswap Labs has successfully managed to raise $165 million in a Series B funding round led by Polychain Capital.
Uniswap Labs has successfully raised $165 million in a new funding round as the firm looks to expand its offerings. The Series B funding round was led by Polychain Capital. Following the latest round, Uniswap Labs says it is now valued at $1.66 billion. Some of the company’s existing backers including a16z crypto, Paradigm, SV Angel, and Variant, also participated in the funding round.
Hayden Adams, inventor of the Uniswap Protocol and CEO at Uniswap Labs said in the announcement of the funding round:
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.
Adams, who built and launched Uniswap in 2018, says he regards the funding round and the protocol’s popularity as validation for decentralised projects, adding:
For us, the industry has started to prove itself and we’re seeing its value of it, especially in this bear market when a lot of centralized infrastructure failed, and a lot of decentralized entities prevailed.
According to data, Uniswap commands 64% of all decentralised exchange volumes, and the exchange protocol’s native token has a market capitalisation of almost $5 billion, despite the market downturn. In the last bull run, Uniswap’s market capitalisation exceeded $22.5 billion according to data provided by TechCrunch. Uniswap in recent months revealed plans to add “several new products,” and one of their new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces.
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