Uniswap Labs Raises $165 Million Reaching $1.66 Billion Valuation
Uniswap Labs, the company behind one of the world’s leading decentralized exchanges, has announced the company has raised some $165 million in Series B funding. The funding round was led by California-based Polychain Capital, with participation from longtime investors Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant.
The latest development brings the company’s valuation to some $1.66 billion.
“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,” Hayden Adams, the CEO, and founder of Uniswap Labs, said in a statement.
“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,” according to Adams.
Commenting on Uniswap’s growth over the past years, the firm’s founder said that, to date, the decentralized exchange has supported some $1.2 trillion in crypto trading volume.
Uniswap’s executives recently disclosed that the company aims to launch new products, as indicated by the exchange’s COO, Mary-Catherine Lader, at the Messari Summit of 2022.
Some of these plans include “investing in our web app and developer tools, launching NFTs, moving into mobile,” Adams said in the latest statement.