Fun

Uniswap’s $165 Million Series B Capital Raise One of the Largest by a Crypto Firm in 2022

News Feed - 2022-10-14 08:10:48

Uniswap"s $165 Million Series B Capital Raise One of the Largest by a Crypto Firm in 2022


Uniswap Labs, the firm behind the Uniswap decentralized exchange protocol, announced on Thursday that it raised $165 million in a Series B funding round. According to one report, the capital raise, which sees Uniswap Labs’ valuation rise to $1.66 billion, is the largest by any crypto firm in 2022. Uniswap Completes $165M Capital Raise, Decentralized Exchange Reveals NFT Launch


Uniswap Labs, the creator of the decentralized exchange (dex) Uniswap protocol, recently said it had raised $165 million via a Series B funding round. The funding round was led by Polychain Capital with the participation of the firm’s long-time investors like Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant.


In a recent blog post authored by Hayden Adams, the developer and founder at Uniswap Labs, said that the new funding will be used to support the firm’s expansion plans. In addition to “bringing the powerful simplicity and security,” Uniswap Labs plans to launch non-fungible tokens (NFTs) and to move into mobile, the blog post said.




Also, in the blog post, Adams highlights his firm’s unique approach and how this makes Uniswap good at what it does. He said: 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.


According to a Techcrunch report, the capital raise saw Uniswap’s valuation rise to $1.66 billion, thus making it the most significant Series B capital raise by any crypto firm so far in 2022.


Statistics from coingecko.com’s decentralized exchange (dex) data show that Uniswap is the largest dex platform today, in terms of total trade volume worldwide. At the time of writing, Uniswap supports 609 crypto tokens, and dex saw $880.67 million in 24-hour global trade volume on Thursday. Tags in this story a16z crypto, decentralized exchanges, DeFi, DEX, Dex platform, Global Trade Volume, Hayden Adams, largest dex, NFTs, Paradigm, PolyChain Capital, Series B, Uniswap Labs, Uniswap protocol, Variant


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Value Held by Blockchain Oracles Slides 61% in 7 Months, Chainlink Dominates by 45% DEFI | 4 days ago Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z DEFI | Oct 5, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleChinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says Next articleBitcoin, Ethereum Technical Analysis: ETH, BTC Surge, as US Inflation Uncertainty Fades Show comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours
Bitcoin Price Regains Strength Above $41K, Crypto Market Cap Jumps 6% in 24 Hours Crypto assets have climbed in value during the last 24 hours as the price of bi
Napster Expands Into Web3 Music Space With Acquisition of Mint Songs
Napster Expands Into Web3 Music Space With Acquisition of Mint Songs On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company has
Report: Japanese Carmakers Toyota and Nissan Enter the Metaverse
Report: Japanese Carmakers Toyota and Nissan Enter the Metaverse Two Japanese carmakers, Nissan and Toyota, have launched operations in the metaverse. Nissan’s virtual showr
How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique ‘Energy Currency’ That Could ‘Stop Wars’
How Henry Ford Envisaged Bitcoin 100 Years Ago — A Unique "Energy Currency" That Could "Stop Wars" 55 days from now will be the hundred-year anniversary of when the American indu
Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox
Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participatin
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention
FTX Donations to Early Covid-19 Researchers Raise Questions of Propaganda Tied to Pandemic Prevention While the former CEO of FTX, Sam Bankman-Fried, awaits his trial at the end of
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digit
Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation?
Este artículo también está disponible en español. Chainlink (LINK) has surged impressively over the past few days, breaking above the critical $13 resistance level and po
Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million
Leading Auction House Sotheby"s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million The British-founded American multinational corporation headquartered in New York City, Sotheb
The Crypto 6 Case Heads to Trial With Only 1 Defendant Left, Prosecutor’s So-Called ‘Expert’ Excluded
The Crypto 6 Case Heads to Trial With Only 1 Defendant Left, Prosecutor"s So-Called "Expert" Excluded On Dec. 6, 2022, the “Crypto Six” case will be heading to trial, and out o
Arijit Sarkar1 hour agoIndia G20 confirms ‘active discussions’ around global crypto frameworkSitharaman said crypto was a “threat as well as an opportunity” while confirming that G20 members are working toward es
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator Binance has announced that it is terminating some services in South Africa to comply wit