- Wu Blockchain tweeted that Uniswap had raised $165 million.
- The amount was raised in Series B funding, led by Polychain Capital.
- The fund will be invested in the web app, developer tools, NFT launch, etc.
Uniswap, the cryptocurrency exchange working on Ethereum blockchain, has announced that the exchange had raised $165 million in Series B funding, led by Polychian Capital, along with the participation from longtime investors of a16z, Paradigm, SV Angel, and Variant.
Uniswap labs announced that they’ve raised $165 million in Series B funding, led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant. https://t.co/CXYTIRDyM1— Wu Blockchain (@WuBlockchain) October 13, 2022
Earlier today, Uniswap released a blog, announcing the growth of the blockchain, especially the raising of $165 million. The blog was created by Adam Hayden, the inventor of the Uniswap Protocol.
Initially, Hayden talked about the creation of the Protocol back in 2018, which was his experiment to analyze if he could make something that fully embodied all the values of Ethereum like transparency, security, and accessibility.
He added that the platform had supported $1.2 million in trading volume and had become “critical public infrastructure for exchanging digital value”.
It was also mentioned that Uniswap Lab had been successful in bringing Uniswap Protocol across the world, making people from every corner invest in the company’s web app, developer tools, NFT launch, and mobile user support.
Interestingly, Uniswap’s announcement added to the thought that decentralized exchanges are showing faster growth than centralized exchanges. When Hayden announced that the company had grown to its current position, it became yet another feather to the cap of decentralized systems.
Hayden claimed that Uniswap had grown to the level with a much broader ecosystem beyond “what any one company can do on their own.” He added: “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.
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