Uniswap Labs, the team behind the cryptocurrency landscape’s first decentralized exchange (DEX), has just successfully closed a $165 million fundraising round in a Series B funding round. to develop new products and make the platform accessible to beginners.
Uniswap raises $165 million
Winter in the cryptocurrency market definitely does not seem to be cooling investors. While many rumors about a possible new fundraiser have been circulating for a few days, Uniswap Labs confirmed the information this Thursday, October 13 in a press release published on his blog.
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, in charge of the eponymous decentralized exchange (DEX), has just raised $165 million in a Series B funding round. Led by venture capital firm Polychain Capitalthis fundraiser also saw the participation of a16z, Paradigm and Variant.
At the time of this writing, Uniswap is the first decentralized exchange of the cryptocurrency landscape. According to data from the Dune Analytics aggregator, the protocol alone represents 65% of transaction volumes industry, or about half a billion dollars a day.
Uniswap’s native token UNI was quick to appreciate the news. Within two hours, UNI price jumped almost 10%. A remarkable performance, as the entire market tumbled in the face of announcements of US inflation rates.
UNI/USDT price in 5 minute timescale
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“Make Web3 accessible to everyone”
This fundraising will allow Uniswap to consolidate its leadership position of the decentralized exchange sector. Their ambition is simple and can be summed up by the title of the press release: “Make Web3 accessible to everyone”. To do this, the protocol will focus on the development of new features and accessibility to beginners.
“Today, Uniswap Labs will bring the simplicity and security that Uniswap is known for – to more people around the world by investing in its web application and developer tools, launching NFTs, getting into mobile, and more! »
In this vein, Uniswap also announced this Wednesday, October 12 a redesign of its web application. In concrete terms, the protocol remains the same but users now have more information in real time on cryptocurrencies, in order to facilitate their swapping experience.
Moreover, it has been several months since Uniswap discussed its plans to open up to non-fungible tokens (NFTs). The idea would be to allow users to easily exchange NFTs. In this sense, Uniswap Labs has acquired Genie.xyzan NFT marketplace aggregator.
Finally, the press release also mentions a recent initiative by Uniswap Labs. The governance community recently voted in favor of creating the Uniswap Foundation. This will contribute to the decentralization of the protocol and will grant at least $60 million in grants community projects over the next few years.
👉 If the concept of NFT seems vague to you, here is our full article on this new technology
Sources: Uniswap Labs press release
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Freelance writer located between Paris and Toulouse. I want to share my passion for the world of cryptocurrencies to as many people as possible. I am also interested in technical analysis and trading.
Lilian Aliaga
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