Uniswap’s $165 million Series B capital raising one of the largest by a crypto firm in 2022 – Defi Bitcoin News

Uniswap Labs, the firm behind the Uniswap decentralized exchange protocol, announced Thursday that it raised $165 million in a Series B funding round. According to a report, the capital raising, which sees Uniswap Labs’ valuation rise to $1.66 billion, is the largest of any crypto firm in 2022.

Uniswap Completes $165M Capital Raising, Decentralized Exchange Reveals NFT Launch

Uniswap Labs, creator of the decentralized exchange (dex) Uniswap protocol, recently said it had raised $165 million via a Series B funding round. The financing round was led by Polychain Capital with participation from the firm’s long-standing investors such as Andreessen Horowitz (a16z), Paradigm, SV Angel and Variant.

In a recent blog post written by Hayden Adams, developer and founder at Uniswap Labs, said 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 move to mobile, the blog post said.

In the blog post, Adams also highlights the company’s unique approach and how this makes Uniswap good at what it does. He said:

As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what a single company can do on its own. As an example, the governing body recently voted to create the Uniswap Foundation, which will contribute to the protocol’s decentralized development and provide at least $60 million in grants to community projects over the next few years.

According to a Techcrunch report, the capital raising saw Uniswap’s valuation at $1.66 billion, making it the most significant Series B capital raising 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, measured in total trading volume worldwide. At the time of writing, Uniswap supports 609 crypto tokens, and the dex saw $880.67 million in 24-hour global trading volume on Thursday.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.