Thursday, December 8, 2022

Uniswap Labs Raise $165M Capital at a Valuation of $1.66B

The Chief Executive Officer of Uniswap Labs Hayden Adams has announced that the firm raised $165 million capital in Series B funding. The Series B funding round was led by Polychain Capital with support from a16z crypto, Paradigm, SV Angel, and Variant. Most of them are existing Uniswap investors.

Currently, the firm is valued at $1.66 billion with reference to the new funding.

This seems to be the largest investment that the exchange has raised to date. It is also a major milestone for the crypto ecosystem in the midst of the chilly crypto winter. Uniswap Labs will engage the newly secured capital to expand its investments in web applications and developers’ tools. 

The decentralized exchange Uniswap Labs announced a few weeks ago that it was eyeing funding around $100 to $200 million. This incoming fund was at a valuation of $1 billion. Uniswap Labs also mentioned plans to pull in Polychain as an investor alongside one of Singapore’s sovereign funds.

Uniswap Labs Plans New Offerings With Secured Capital

Also, the firm will launch its Non-fungible tokens (NFTs) aggregator and progress to offer support to mobile users. This products which Uniswap Labs intends to launch will allow users trade NFTs on its platform from several other marketplaces.

The CEO declared that Uniswap Labs is not profitable at present but plans to gain financial sustainability in the future. 

Adams said, “As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own.

As an example, the governance community recently voted to create the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years.”

In the future, Uniswap Labs will focus on developing services that will make Web3.0 more accessible to non-technical people. Adams likened this plan to the past when the use of the internet was done with basic slow navigation tools.

In April, the DEX platform confirmed the launch of its new offshoot dubbed Uniswap Labs Venture (ULV) which will be focused on Web3.0 development.

 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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