Decentralised crypto exchange Uniswap has raised $165 million in a latest funding round and will use the funds to invest in its web app.
Uniswap, one of the leading decentralised cryptocurrency exchanges in the world, announced on Thursday, October 13th, that it had raised $165 million in a Series B funding round.
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
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 the proceeds from the funding event to invest in its web application. The crypto exchange said;
“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!”
Uniswap Labs said as it focuses on building its products, a much broader 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 create the Uniswap Foundation.
The Uniswap Foundation is tasked with contributing to the Uniswap Protocol’s decentralised development. The Foundation will also issue around $60 million in grants to community projects over the next few years.
Uniswap founder Hayden James said he is proud of the DEX’s journey so far. He stated that;
“When I built 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 in ways I never imagined. It’s supported $1.2 trillion in trading volume to date and has become critical public infrastructure for exchanging digital value.”
Uniswap is the second-largest decentralised exchange, according to Coinmarketcap. The platform processes over $300 million in daily trading volume and is only behind dydx.