Decentralized crypto exchange Uniswap raised $165 million in a latest funding round and will use the funds to invest in its web application.
Uniswapone of the world’s leading decentralized cryptocurrency exchanges, announced on Thursday, October 13 that it had raised $165 million in a Series B funding round.
1/ We’re proud to announce that we’ve raised $165M in Series B funding to bring the powerful simplicity of Uniswap to even more people around the world 🦄🍾https://t.co/ChilydWOEO
— Uniswap Laboratories 🦄 (@Uniswap) October 13, 2022
The crypto exchange said the funding round was led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel and Variant.
Uniswap revealed that it would use proceeds from the fundraising event to invest in its web application. The crypto exchange said;
“Now Uniswap Labs is bringing the powerful simplicity and security that defined the Uniswap protocol to even more people around the world by investing in our web app and developer tools, launching NFTs, moving to mobile – and Moreover !”
Uniswap Labs said that by focusing on building its products, a much larger cryptocurrency ecosystem continues to grow and thrive beyond what any single company can do in isolation.
The team revealed that the governance community recently voted to establish the Uniswap Foundation.
The Uniswap Foundation is responsible for contributing to the decentralized development of the Uniswap protocol. The Foundation will also award approximately $60 million in grants to community projects over the next several years.
Uniswap founder Hayden James said he was proud of the DEX’s journey so far. He stated that;
“When I created the Uniswap protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Ethereum: transparent, secure, and accessible. Since then, it has grown and evolved from in ways I never imagined. It has supported $1.2 trillion in trade volume to date and has become a critical public infrastructure for the exchange of digital value.
Uniswap is the second largest decentralized exchange, according to Coinmarketcap. The platform processes over $300 million in daily trading volume and is only behind dydx.