True to its aim of shepherding millions of new users into the developing web3 space, the popular Decentralized Finance (DeFi) exchange protocol Uniswap Labs yesterday in a blog post, confirmed the launch of its new offshoot dubbed Uniswap Labs Venture (ULV).
Uniswap Labs Venture will focus on financing projects, initiatives or companies centered on the web3 technology at various levels to further the advancement of the space. The support will range from infrastructure, creator tools, and consumer-facing applications as per the release.
Although there is no mention as to how much the decentralized exchange giant is dedicating to this new initiative, it, however, noted that the projects it will be partnering with are the ones that share the same values as it does, building for the long term, communicating openly with communities and prioritizing users interest.
The projects Uniswap chooses to support will enjoy its wealth of technical know-how as a fast-rising crypto-based firm to advance the limitless benefits of the thriving technology. ULV in collaboration with the protocols it finances will also contribute to in and off-chain governance models across the board.
The new venture arm will be led by Teo Leibowitz with support from Mary Catherine Lader, Chief Operating Officer at Uniswap. Teo is formerly Uniswap’s lead strategist. The blog post also contains an invitation to developers who think Uniswap can help with the new offshoot.
Prior to the announcement of the ULV, Uniswap had previously financed several firms and protocols in the web3 sphere which includes PartyBid – a platform where users can collectively contribute to own a Non-Fungible Token (NFT), LayerZero – a unified multi-chain protocol, and Ethereum developer platform Tenderly.
The popular Ethereum focused decentralized exchange is dubbed the market leader in regard to sales volume. Users can trade from anywhere in the globe without an intermediary using math equations and pools of tokens. It was developed in 2018 by Hayden Adams.
Crypto firms are beginning to expand through venture capital firms. Cake DeFi last month announced its Venture arm tagged Cake DeFi Ventures with $100 million channeled to the advancement of web3, and a defined mission to funding tech startups as well as gaming protocols.