UniSwap, which holds the title of being the world’s largest decentralized exchange, has completed a new type of financing. UniSwap Labs, the parent company behind the exchange, managed to raise a total of $165 million in the aforementioned financing type. It was noteworthy that large companies such as Polychain, a16z and Paradigm invested in the project. After the announcement of the collected measure, the price of altcoin started to rise.
This altcoin has raised $165 million in funding
Uniswap has participated in a Series B investment led by crypto-focused investment firm Polychain Capital. The well-known altcoin project announced that it has managed to raise $165 million in this new type of financing. In this middle, the big names that UNI invested in were also in the middle of the attention in medicine. The decentralized exchange has received investments from major companies such as Andreessen Horowitz (a16z), Paradigm, SV Angel and Variant.
In the middle, Uniswap’s announcement came a week after a Citigroup research report praising decentralized exchanges. In this report, the researchers stated that such exchanges have grown much faster than centralized exchanges in the last two years. Hayden Adams, CEO of Uniswap Labs, spoke about the type of financing in the announcement. Adams said:
“As Uniswap Labs focuses on artifacts, it remains a much broader ecosystem. This includes growth beyond what any random company could do on its own. For example, the governance community will soon contribute to the decentralized development of the protocol. The community has already voted for the creation of the Uniswap Foundation. That means at least $60 million in grants to community projects over the next few years.”
Uniswap (UNI) continues to grow
Uniswap Labs has increased its valuation to $1.66 billion with the new financing variant. According to DeFi Llama, UNI manages 64% of all decentralized exchange volume. In addition, the altcoin is home to a market cap of approximately $5 billion despite the decline in the market. Currently this is below the market price during the highest bull cycle last year. At that time, UNI’s market capitalization was over $22.5 billion. In addition, the coin was trading at $5.83, down 4% at the time of writing.
Koindeks.com As we reported, Uniswap Labs has announced that it will be adding a few new artifacts in the near future. According to individuals familiar with the subject, these works cover the NFT market. One of the new works will allow NFT trading on Uniswap. Another artifact will be a wallet that covers NFT and other cryptocurrencies. The 165 million dollars collected from the last type of financing will also be used for this purpose. The capital will help Uniswap support web application, developer tools, NFT artifacts and portable users.