Even though venture capital crypto funding is slowing, Uniswap Labs raises $165 million.
The company behind the popular decentralised exchange Uniswap, Uniswap Labs, has raised $165 million in Series B funding. Polychain Capital led the way in this round of funding.
The company said that after this round of funding, Uniswap Labs was worth $1.66 billion. Long-term investors in the company, such as A16Z Crypto, Paradigm, SV Angel, and Variant, also took part in this round.
In terms of volume, Uniswap is the biggest DEX protocol. Data from DefiLlama shows that more than 45% of the total flow goes through the protocol. CoinMarketCap says that the native token for the protocol, UNI, is worth $4.4 billion on the market.
Recently, Uniswap has been talking about putting out new products. One of them is the ability to trade non-fungible tokens (NFTs) from multiple marketplaces on its platform. Hayden Adams, the founder and CEO of Uniswap, said that the company is investing to grow around the world.
He said, “Now, Uniswap Labs is making the Uniswap Protocol’s powerful simplicity and security available to even more people around the world by investing in our web app and developer tools, launching NFTs, moving into mobile, and more!” Hayden also said that while Uniswap Labs works on releasing new products and features, the Uniswap ecosystem keeps growing in a number of ways on its own.
“As an example, the governance community recently voted to create the Uniswap Foundation, which will help with the decentralised development of the Protocol and give at least $60 million to community projects over the next few years,” he said. The successful funding round for Uniswap comes as the market for venture capital funding slows down. According to Pitchbook, the amount of VC money going into crypto projects dropped 37% from the same time last year to $4.44 billion in Q3. This was the lowest level for the industry in more than a year.
The crypto market as a whole has also seen a huge sell-off. According to CoinMarketCap, it’s worth $927 billion right now, which is about 58% less than its all-time high of just over $3 trillion.
The other side
DefiLlama says that the number of trades on Uniswap has dropped by more than 65% in the last month. It’s not clear what other products Uniswap Labs plans to release.
Why should you care?
The biggest decentralised exchange is Uniswap. Venture capital firms keep giving Uniswap Labs attention and money, which shows that the company still has a lot to offer its users and investors.
Read about another cryptocurrency startup that was able to raise $40 million during a bear market:
Nxyz gets $40 millionmillion touppblockchaincindexing.ndexing
