UniSwap, which holds the title of being the world’s largest decentralized exchange, has completed a new financing round. UniSwap Labs, the parent company behind the exchange, managed to raise a total of $165 million in the aforementioned funding round. It was noteworthy that large companies such as Polychain, a16z and Paradigm invested in the project. After the announcement of the collected amount, the price of altcoin started to rise.
Raised $165M in this altcoin funding round
Uniswap has participated in a Series B investment round led by crypto-focused investment firm Polychain Capital. The popular altcoin project has announced that it has managed to raise $165 million in this new funding round. Meanwhile, the big names that UNI invested in were among the highlights of the tour. The decentralized exchange has received investments from major companies such as Andreessen Horowitz (a16z), Paradigm, SV Angel and Variant.
Meanwhile, Uniswap’s announcement comes a week after a Citigroup research report praising decentralized exchanges. In this report, the researchers stated that such exchanges have grown much faster than centralized exchanges in the last two years. Hayden Adams, CEO of Uniswap Labs, spoke about the funding round in the announcement. Adams said:
“As Uniswap Labs focuses on products, it remains a much broader ecosystem. This includes growth beyond what any company can do on its own. For example, the governance community will soon contribute to the decentralized development of the protocol. The community has already voted for the creation of the Uniswap Foundation. That means at least $60 million in grants to community projects over the next few years.”
Uniswap (UNI) continues to grow
Uniswap Labs has increased its valuation to $1.66 billion with the new funding round. According to DeFi Llama, UNI manages 64% of all decentralized exchange volume. In addition, the altcoin is home to a market cap of about $ 5 billion despite the decline in the market. Currently this is below market value during the highest bull cycle last year. At that time, UNI’s market value was over $22.5 billion. In addition, the coin was trading at $5.83, down 4% at the time of writing.
Uniswap Labs has recently announced that it will add a few new products, as we have reported as Kriptokoin.com. According to people familiar with the subject, these products cover the NFT market. One of the new products will allow NFT trading on Uniswap. Another product will be a wallet that covers NFT and other cryptocurrencies. The 165 million dollars collected from the last funding round will also be used for this purpose. The capital will help Uniswap support its web application, developer tools, NFT products and mobile users.
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