Uniswap Labs, the parent company of decentralized crypto exchange Uniswap, has announced it will raise $165 million in its Series B funding round with a valuation of $1.66 billion. The round was led by Polychain Capital and included existing investors a16z crypto, Paradigm, SV Angel and Variant. Currently, the company is looking to expand solutions for Web3, DeFi and NFT markets.

Uniswap Labs Raises $165 Million in Series B Financing Round

Uniswap Labs in a series of tweets on Oct. 13, it said it has raised $165 million in Series B funding with a focus on expanding Uniswap simplicity around the world. In fact, Uniswap Labs is now a unicorn worth $1.66 billion.

The company previously announced that several investors, including Polychain Capital and Singapore’s sovereign fund, have expressed interest in Uniswap Labs’ fundraising round. The Series B funding also saw participation from existing investors, including a16z crypto, Paradigm, SV Angel and Variant.

Uniswap Labs raised $11 million in August 2020 in its Series A funding round, led by a16z and Paradigm. The participation of existing investors indicates confidence and commitment to the Uniswap protocol despite the crypto winter.

Hayden Adams, the inventor of the Uniswap protocol, said:

“For us, the industry is starting to prove itself and we see its value, especially in this bear market when a lot of centralized infrastructure failed and a lot of decentralized entities prevailed.”

Uniswap protocol was created to support the decentralization, security and accessibility values ​​of Ethereum. Since then, the protocol has supported trading volume of $1.2 trillion, controls 64% of all DEX volumes, and has a market cap of nearly $5 billion.

In addition, the Uniswap Foundation will support the growth of the decentralized Uniswap ecosystem. Also, it would give at least $60 million in grants to community projects over the next few years.

Meanwhile, the company aims to provide more solutions for the Web3, DeFi and NFT markets. It aims to create simpler, safer user experiences for its users.

UNI price rises higher

UNI price rises more than 7% after Uniswap Labs announced to raise $165 million in Series B funding round.

Uniswap (UNI) Price in 1 hour time frame. Source: TradingView

The 24-hour low and high for UNI are $5.45 and $6.13 respectively. Also, the trading volume has increased by almost 80%. At the time of writing, the price is trading at $5.85, still 4% lower in the last 24 hours.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Uniswap Labs raises $165M at $1.66B valuation, $UNI price increases

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