Uniswap Achieves A Valuation Of $1.66 Billion After $165M Funding, UNI Surges 8%
- Uniswap has attained a valuation of $1.66 billion after a new Series C funding round in which it had raised around $165 million from existing and new investors.
- The funding round was led by Polychain Capital, a crypto investment firm, along with existing shareholders and investors Paradigm, SV Angel, and Variant.
- The funding comes at a time when investments declined 37% year-on-year in the quarter that ended at $4.44 billion in September.
The world’s largest decentralized finance application, Uniswap, has attained a valuation of $1.66 billion after a new Series C funding round and has successfully raised close to $165 million. The funding round was led by Polychain Capital, one of the biggest crypto investment firms. Along with Polychain, existing shareholders and investors a16z crypto, Paradigm, SV Angel, and Variant also participated in the round.
The chief executive officer of Uniswap Labs, Hayden Adams, confirmed the news of the new funding round which was first reported by TechCruch in a report wherein it stated that the parent firm of the world’s biggest decentralized exchange, Uniswap Labs is set to raise an amount in the range of $100 million and $200 million. The report also confirmed that the DEX was in talks with Polychain and the deal was yet to be finalized at the time of writing.
“Now, Uniswap Labs is bringing the powerful simplicity and security that has defined the Uniswap Protocol to even more people across the world by investing in our web app and developer tools, launching NFTs, moving into mobile — and more!”Adams wrote.
Adams also noted that the exchange has crossed the $1.2 trillion milestone in terms of trading volume and is probably one of the largest crypto firms in the current bearish market. The $165 million raise from Polychain and other investors marks one of the biggest raise in the current period as there has been a significant fall in the venture capital investments in the crypto market recently.
Before this, the firm raised money in August 2020, as per data from Web3 Signals from the above mentioned existing shareholders.
“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,”confirmed Adams.
The funding round for Uniswap comes at a time when the investments declined 37% year-on-year in the quarter that ended at $4.44 billion in September according to a recent report from Bloomberg.
Following the announcement from the executive, the UNI token, the native token of the decentralized exchange that is put to use in the ecosystem of Uniswap, rose more than 8% and is on the way to break the $7 price level as per our data.