Uniswap garnered $165 million in Series B funding round

    TheMorningCrypto Desk
    TheMorningCrypto Desk

    Updated on January 09, 2023 12:51 PM

    Published on October 14, 2022 08:38 AM

    As the business seeks to diversify its offerings, Uniswap Labs has raised approximately $165 million in a funding round.

    Uniswap garnered $165 million in Series B funding round

    Polychain Capital chaired the investment round

    Uniswap Labs, a decentralized exchange, has successfully raised $165 million in a Series B fundraising round that was directed by Polychain Capital. Uniswap Labs claims that after the most recent investment, its valuation has increased to $1.66 billion.

    “In contrast to Web2, which competes to control users, Web 3 has a chance to compete through empowering users: Hayden Adams.

     A16z Crypto, Paradigm, SV Angel, and Variant, some of the company's current supporters, joined the investment round.The Uniswap Protocol creator and CEO of Uniswap Labs, Hayden Adams, stated the following when the investment round was announced:

    “ Beyond what any one company can achieve on its own, a much larger ecosystem continues to grow and thrive as Uniswap Labs concentrates on its goods. For instance, the governance community has decided to establish the Uniswap Foundation, which would support the Protocol's decentralized development and provide grants totaling at least $60 million to community projects over the coming years.”

    The protocol as favor for decentralized ventures: Adams

    Uniswap controls 64% of all decentralized exchange volumes, and the native currency of the exchange system has a market cap of close to $5 billion. According to data posted by TechCrunch, Uniswap's market capitalization exceeded $22.5 billion during the previous bull market.

    Adams, who created and introduced Uniswap in 2018, says he sees the investment round and the protocol's acceptance as proof that decentralized projects are genuine. Adams continues:

    “ For us, the sector has begun to demonstrate its value, especially during this bear market when many centralized infrastructures failed and many decentralized companies succeeded.”

    Furthermore, Uniswap announced intentions to launch "many new products," one of which will let users trade NFTs on the platform from different marketplaces.

    DeFi gets criticized after crypto hacking cost $3 billion

    He explains how the present crypto environment is set to change into a more cohesive experience by noting that the "world of NFTs and tokens and DeFi are considered as two separate it's saying the world of chat boards and images are different."

    Decentralization, according to Adams, may be the solution to less catastrophic hacking instances that have seriously damaged the crypto industry—and DeFi in particular—in terms of both money and reputation. 

    The most heinous attacks, according to Adams, have targeted centralized entities or so-called bridges, which are used to transfer tokens between various blockchains and, in his opinion, also serve as a point of centralization.