Uniswap Labs announced in a series of tweets that it has secured $165 million in Series B funding with the goal of promoting Uniswap simplicity globally. In fact, Uniswap Labs has a $1.66 billion unicorn valuation today.
Uniswap Labs, reported raising $165 million in a Series B investment round with a $1.66 billion value.
In addition to the current investors a16z crypto, Paradigm, SV Angel, and Variant, Polychain Capital led the round. The company is now working to enhance its offerings for the Web3, DeFi, and NFT sectors.
$165 million is raised in Series B funding for Uniswap Labs.
On October 13, Uniswap Labs announced in a series of tweets that it has secured $165 million in Series B funding with the goal of promoting Uniswap simplicity globally. In fact, Uniswap Labs has a $1.66 billion unicorn valuation today.
Uniswap Labs' fundraising round has attracted attention from a number of investors, including Polychain Capital and Singapore's sovereign fund, the business previously disclosed. Existing investors including a16z crypto, Paradigm, SV Angel, and Variant took part in the Series B funding as well.
In August 2020, Uniswap Labs raised $11 million in a fundraising round headed by a16z and Paradigm. Existing investors' participation shows that they still believe in and are committed to the Uniswap system in spite of the crypto winter.
To meet Ethereum's goals of decentralisation, security, and accessibility, the Uniswap protocol was developed. The protocol has since supported $1.2 trillion in trading volume, controls 64% of all DEX volumes, and has a market cap of about $5 billion.
The development of the decentralised Uniswap ecosystem will also be supported by the Uniswap Foundation. Additionally, during the following few years, it would provide community initiatives at least $60 million.
The company is now working to expand its product line for the Web3, DeFi, and NFT sectors. It wants to give its users easier, safer user interfaces.
UNI Price Increases
After Uniswap Labs disclosed raising $165 million in the Series B fundraising round, the price of UNI increased by more than 7%.
UNI's 24-hour low and high are, respectively, $5.45 and $6.13. The trade volume has also increased by about 80%. As of this writing, the price is trading at $6.04, down 4% from the previous day.
