Decentralized trade Uniswap Labs has raised $165 million in a Collection B funding spherical that had participation from a few of blockchain’s greatest enterprise companies, placing the corporate on observe to increase into different crypto-focused domains.
The funding spherical was led by Polychain Capital with additiona participation from a number of present traders, together with Andreessen Horowitz, Paradigm, Variant and SV Angel. The funding spherical confirms earlier reporting from Cointelegraph that Uniswap was seeking to elevate between $100 million and $200 million.
Uniswap mentioned the funding would go towards increasing its present product choices and enhancing the person expertise via new net purposes, developer instruments and a shift towards cell. The corporate additionally plans on launching nonfungible tokens (NFTs) initiatives sooner or later.
The official announcement was titled, “Bringing Web3 to Everybody,” an indication that Uniswap was seeking to incorporate lots of the core concepts that separate Web3 from the present Web2 atmosphere.
1/ We’re proud to announce that we’ve raised $165 million in Collection B funding to carry the highly effective simplicity of Uniswap to much more individuals internationally https://t.co/ChilydWOEO
— Uniswap Labs (@Uniswap) October 13, 2022
Uniswap rose to prominence through the decentralized finance craze of 2020 as merchants started scouring exchanges for low-cap DeFi initiatives. By February 2021, Uniswap’s cumulative commerce volumes surpassed $100 billion for the primary time. Uniswap’s cumulative buying and selling quantity has since grown to $1.2 trillion, in accordance to founder Hayden Adams.
Associated: Decentralized trade Uniswap v3 will get ‘Warp’ed’ onto StarkNet
Whereas demand for DeFi merchandise has dried up over the previous yr, the sector has continued to function as marketed throughout one of the vital risky intervals in crypto historical past. DeFi platforms are filling a void left by the implosion of centralized financed firms as debtors hunt down new credit score alternatives.
