Decentralized crypto exchange Uniswap raises $165 million from Polychain Capital, UNI price rebounds.
In September, UniSwap (UNI) was looking to raise up to $200 million to achieve unicorn status. The platform, finally communicated this Thursday on this latest round of funding through a blog post.
Uniswap Labs has thus raised $165 million in a Series B funding round led by crypto VC Polychain Capital. Other major Web3 investors such as a16z, Paradigm, SV Angel and Variant also backed the DEX.
Uniswap has become a critical public infrastructure!
Uniswap has processed $1.2 billion in transaction volume to date and has become a key public infrastructure for the exchange of digital value. While Uniswap Labs is focused on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on its own,” said Hayden Adams, its founder.
Hayden Adams, CEO of UniSwap Labs, said:
“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 has supported $1.2 trillion in transaction volume to date and has become a critical public infrastructure for the exchange of digital value.
According to data provided by Dune, the Uniswap protocol currently captures more than half (64%) of the total exchange volume on DEX. Its native token, UNI, has grown by 7% since the announcement. Its price, however, is still down 3.5% over 24 hours. The digital coin now has a market capitalization of about $4.5 billion.
On Fortune, Adams revealed that Uniswap Labs is not yet profitable. This Series B will allow it to expand its offerings with the launch of new products, including an NFT aggregator.