Dominic Kimani
The popular decentralized exchange, Uniswap Labs, has successfully raised $165 million in a Series B funding round. Crypto-focused investment firm Polychain Capital led the funding initiative.
In an October 13 press release, the decentralized exchange confirmed the completion of its Series B funding round, which has raised $165 million. The secured funds have a valuation of $1.66 billion.
1/ We’re proud to announce that we’ve raised $165 million in Series B funding to bring the powerful simplicity of Uniswap to even more people across the world https://t.co/ChilydWOEO
— Uniswap Labs (@Uniswap) October 13, 2022
Uniswap Labs Secures $165M
The decentralized exchange hinted at intentions to raise some funds last month. At the time, Uniswap Labs announced that it was seeking to raise $100,000 and $200,000 million and revealed it was holding high talks with venture capital firm, Polychain.
The funding initiative led by Polychain saw the participation of other notable venture capital firms, including the crypto arm of venture-capital firm Andreessen Horowitz (a16Z), Paradigm, SV Angel, and Variant investments, among others.
Uniswap Labs Aims To Grow Its Ecosystem
The decentralized exchange anticipates using the secured funds to boost its web app and developer tools, launching NFTs and supporting mobile users. Uniswap believes these innovations will push its ecosystem to another level.
Uniswap’s crypto development appeared a few days after Citigroup released new research, which revealed that decentralized exchanges had grown faster than centralized exchanges over the past two years.
The Citigroup research noted that it expects the gap to expand as more users continue moving away from centralized exchanges to decentralized ones over their stringent know-your-customer (KYC) requirements.
In the same context, Hayden Adams, the inventor of the Uniswap protocol and CEO, has shared the same anticipations. “As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any company can do on their own,” Adams noted.
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This article was written for Business 2 Community by Dominic Kimani.
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