Uniswap Labs raises $165 million (at a $1.66 billion valuation) in a Series B round led by Polychain Capital
The investment will be used to support the web app and developer tools, launch NFTs, and move into mobile
$UNI saw a 15% price increase in 24 hours
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Uniswap Labs raised $165 million at a $1.66 billion valuation to expand on Web3. Uniswap’s Series B raise is one of the largest-ever funding rounds in DeFi history.
Uniswap is the world’s largest decentralized crypto exchange, developed in 2018 by Hayden Adams, to bring transparency, security, and accessibility to the market. The protocol has supported $1.2 trillion in trading volume, avoiding serious hacks and cyberattacks.
The funding round was led by Polychain Capital, with participation from Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant.
With the funds, Uniswap Labs aims to create simpler and safer user experiences, grow the ecosystem, and expand the Uniswap Foundation. The protocol plans to add new products, including a wallet, and allow customers to trade NFTs from multiple marketplaces.
In an interview with Fortune, Hayden said that Uniswap is building an NFT aggregator to “unlock new interactions between tokens and NFTs.” The company also plans to launch NFTs. In June, Uniswap acquired the NFT aggregator Genie to integrate NFTs and ERC-20 products into the platform.
Adams also stated that the main focus is to challenge the Web2 business model, which tracks user data and sells it to advertisers. Moreover, the company isn’t yet profitable but aims to sustain itself financially by launching new products.
“Web2 is about competing to control users, while Web3 has an opportunity to compete by empowering users. You compete not by owning but by earning their business,”Hayden said.
At the time of writing, Uniswap’s native token, $UNI, has had a 15.4% increase in value in the past 24 hours. The cryptocurrency is currently at $6.33 with $200 million in 24-hour trading volume.
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