• Sun. Jun 23rd, 2024

Uniswap Labs raises $165 million to support its Web3 ecosystem

Uniswap wants to ‘bring Web3 to everyone’ , said founder and CEO Hayden Adams.

Uniswap Labs, the leading decentralised exchange (DEX) platform in the crypto ecosystem and which is behind the Uniswap cryptocurrency, has raised $165 million in its series B funding round as it looks to push forth with ambitions around NFTs and Web3.

Polychain Capital led the funding round, with multiple top crypto-oriented venture firms also participating.

According to the announcement shared via Twitter and in a company blog post, participants included Andreessen Horowitz (a16z crypto), venture firm Paradigm, San Francisco-based venture fund SV Angel, and Web3 focused early stage funding platform Variant.

Uniswap founder and CEO Hayden Adams said in a company blog that the funding will help bring the platform’s services and products to more people.

When I built the Uniswap Protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Ethereum: transparent, secure, and accessible. Since then, it has grown and evolved in ways I never imagined,” Adams wrote in the ‘Bringing Web3 to Everyone’ post.

Web app and developer tools key to Uniswap growth

Since its launch, Uniswap has supported more than $1.2 trillion in trading volume, taking the central stage as a leading DeFi player. Uniswap price hit a high of $44.92 in May 2021 as the platform saw massive trading volumes.

As the company looks to grow by leveraging the latest financing, the plan is to continue providing critical infrastructure supporting the burgeoning industry. Part of the goal will be to invest in the company’s new web app as well as developer tools.

Also in the pipeline is the launch of NFTs and an entry into mobile among other developments, according to Adams.

The recently created Uniswap Foundation will also play a huge role in the overall development of the ecosystem via $60 million in grants extended to community projects.

The post Uniswap Labs raises $165 million to support its Web3 ecosystem appeared first on CoinJournal.