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HomeDeFiUniswap Labs secures $165 million in funding round to expand its services

Uniswap Labs secures $165 million in funding round to expand its services

On October 13, Uniswap Labs, a cryptocurrency exchange, secured $165 million in a new investment round.  As per the company CEO’s recent post on the company website the funding will be used to expand the services.

According to the business, Polychain Capital was the one to spearhead the Series B fundraising. The announcement lends credence to a report published by TechCrunch at the end of the previous month, which said that Uniswap Labs was in discussions with Polychain over a funding round that might range from $100 million to $200 million.

According to Uniswap Labs, the company is now worth $1.66 billion after receiving the latest capital. Existing investors such as a16z crypto, Paradigm, SV Angel, and Variant also took part in the latest funding round.

According to DeFi Llama, the decentralised exchange controls 64 percent of the total volume traded on DEX. In spite of the recent market decline, the market capitalization of the exchange protocol’s token has almost reached $5 billion.

Uniswap Labs has said during the last several months that they have plans to offer “many more items.” According to those who are acquainted with the topic, one of the new offers is a wallet, and it will enable consumers to trade NFTs on Uniswap from a number of different markets. Another one of the new offerings is also a trading platform.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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