Decentralized trade Uniswap Labs has raised $165 million in a Sequence B funding spherical that had participation from a few of blockchain’s largest enterprise corporations, placing the corporate on monitor to develop into different crypto-focused domains.
The funding spherical was led by Polychain Capital with additiona participation from a number of current buyers, together with Andreessen Horowitz, Paradigm, Variant and SV Angel. The funding spherical confirms earlier reporting from Cointelegraph that Uniswap was seeking to elevate between $100 million and $200 million.
Uniswap mentioned the funding would go towards increasing its current product choices and enhancing the person expertise via new net purposes, developer instruments and a shift towards cellular. The corporate additionally plans on launching nonfungible tokens (NFTs) tasks sooner or later.
The official announcement was titled, “Bringing Web3 to Everybody,” an indication that Uniswap was seeking to incorporate lots of the core concepts that separate Web3 from the present Web2 surroundings.
1/ We’re proud to announce that we’ve raised $165 million in Sequence B funding to carry the highly effective simplicity of Uniswap to much more folks the world over https://t.co/ChilydWOEO
— Uniswap Labs (@Uniswap) October 13, 2022
Uniswap rose to prominence through the decentralized finance craze of 2020 as merchants started scouring exchanges for low-cap DeFi tasks. By February 2021, Uniswap’s cumulative commerce volumes surpassed $100 billion for the primary time. Uniswap’s cumulative buying and selling quantity has since grown to $1.2 trillion, in response to founder Hayden Adams.
Associated: Decentralized trade Uniswap v3 will get ‘Warp’ed’ onto StarkNet
Whereas demand for DeFi merchandise has dried up over the previous yr, the sector has continued to function as marketed throughout one of the risky durations in crypto historical past. DeFi platforms are filling a void left by the implosion of centralized financed firms as debtors search out new credit score alternatives.