The company behind the eponymous DeFi protocol, Uniswap Labs, raised $165 million in a Series B financing round.
1/ We’re proud to announce that we’ve raised $165 million in Series B funding to bring the powerful simplicity of Uniswap to even more people across the world 🦄🍾https://t.co/ChilydWOEO
— Uniswap Labs 🦄 (@Uniswap) October 13, 2022
The round was led by venture capital firm Polychain Capital. Existing investors included Andreessen Horowitz, Paradigm, SV Angel and Variant.
“When I launched the Uniswap protocol in 2018, it was an experiment to see whether I could create something that embodied all the values of Ethereum: transparency, security and accessibility. Since then it has grown and evolved in ways I could not have imagined. Today the trading volume on the protocol is $1.2 trillion and it has become an open-access infrastructure for exchanging digital assets,” said the project founder Hayden Adams.
He said that Uniswap Labs focuses on products that expand the ecosystem. This includes developer tools, NFT launches, mobile apps, and more.
Adams noted that, with community approval, the Uniswap Foundation launched a $60 million grant program.
Earlier reports indicated that Uniswap Labs was in early talks to raise between $100 million and $200 million at a valuation of around $1 billion.
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