In an additional funding round, Uniswap Labs raised $165 million. It is the parent company of the biggest decentralized exchange in the world, and it wants to grow its services.
According to the business, Polychain Capital led the Series B fundraising. The information supports a TechCrunch report from late last month that claimed Uniswap Labs was in talks with Polychain and wanted to raise between $100 million and $200 million.
Uniswap Labs claimed that the new funding makes it worth $1.66 billion. Existing backers a16z crypto, Paradigm, SV Angel, and Variant all took part in the new round.
DeFi Llama says that 64% of all DEX volumes go through the decentralized exchange. Even though the market is going down, the exchange protocol token has a market cap of almost $5 billion.
Uniswap Labs has said in recent months that it wants to add “several new products.” People who know about the matter say that one of the new services is a wallet and that users will be able to trade NFTs from an amount of marketplaces on Uniswap.
“Now, Uniswap Labs is bringing the powerful simplicity and security that has defined the Uniswap Protocol to even more people across the world by investing in our web app and developer tools, launching NFTs, moving into mobile — and more!” the firm said in a blog post.
“As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own. As an example, the governance community recently voted to create the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years,” it added.
The funding is one of the biggest Series B rounds for a crypto company this year. It comes at a time when investors are less interested in writing new checks because the market is going down. Pitchbook says that venture capital investments in crypto startups dropped 37% from the same time last year to $4.44B in the quarter that ended in September. This is the lowest level for the industry in more than a year.
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