The $165M Series B Round of Uniswap Labs is One of the Biggest Crypto Fund in 2022
The developer of the decentralized exchange (dex) Uniswap protocol, Uniswap Labs, recently announced that a Series B fundraising round had brought in $165 million.
With involvement from the company’s seasoned investors like Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant, Polychain Capital led the investment round.
Uniswap is a decentralized exchange platform that was established in 2018 and runs on the Ethereum blockchain.
The company stated that it had now supported $1.2 trillion in trading value to date in a blog post unveiling the round. Users of the exchange can add tokens to bigger liquidity pools and purchase and sell at pre-set prices.
Also read, Uniswap Protocol hits $1 Trillion Trade Volume
The creator and founder of Uniswap Labs, Hayden Adams, stated in a recent blog post that the company’s development goals will be supported by the additional cash.
Uniswap Labs intends to introduce non-fungible tokens (NFTs) and expand into mobile in addition to “providing the powerful ease and security,” according to the blog post.
Additionally, Adams emphasizes how Uniswap’s distinctive strategy makes it effective at what it does. According to him, as Uniswap Labs concentrates on products, a far larger ecosystem continues to expand and flourish exceeding what any one company can achieve independently.
For instance, the governance community has decided to establish the Uniswap Foundation, which would support the Protocol’s decentralized development and provide grants totaling at least $60 million to community projects over the coming years.
Uniswap’s valuation increased after the capital deal to $1.66 billion, making it the largest Series B capital secure of any cryptocurrency company in 2022 to date.
According to data from the decentralized exchange (dex) coingecko.com, Uniswap currently has the greatest global trade volume of any dex platform.
Uniswap currently supports 609 crypto assets, and on Thursday, dex recorded $880.67 million in 24-hour worldwide transaction volume.
One finds it difficult to choose which exchange to utilize for trading because there are so many cryptocurrencies available on the market and correspondingly numerous exchanges. Investors are paying attention to the opportunities that these cryptocurrency exchanges, like Uniswap, present.
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