Uniswap Labs has announced that it has raised $165 million to bolster its ecosystem and further engage with NFTs.
In Brief
Leading the Series B funding round, Polychain Capital has helped Uniswap Labs secure $165 million, which values the company at $1.66 billion.
The funds will support the development of the web application and tools for developers, facilitate NFT launches, and make strides into mobile platforms.
$UNI saw a 15% price increase in 24 hours
Uniswap Labs raised $165 million This is part of an ambitious plan to advance Web3. Uniswap's Series B funding is noted as one of the largest in the history of decentralized finance.
As the largest decentralized crypto exchange globally, Uniswap was founded in 2018 by Hayden Adams, aiming to provide transparency, security, and user accessibility within the market. The exchange has handled an impressive trading volume of $1.2 trillion, while successfully fending off major hacks.
The funding round saw contributions from several notable investors, including Polychain Capital, Andreessen Horowitz (a16z), Paradigm, SV Angel, and Variant.
With these funds, Uniswap Labs is set to streamline user experiences, boost the ecosystem growth, and expand the Uniswap Foundation. The protocol plans to introduce new offerings, such as a wallet, enabling users to trade NFTs across various marketplaces.
In an interview with Fortune, Hayden said Uniswap is in the process of developing an NFT aggregator intended to foster fresh interactions between tokens and NFTs. Additionally, the company aims to enter the NFT market. Back in June, Uniswap acquired an NFT aggregator named Genie to facilitate the integration of NFTs and ERC-20 tokens within the platform. Adams further articulated that the primary goal centers around redefining the conventional Web2 business model, which typically capitalizes on user data for advertising purposes. Though the company isn't profitable yet, it aims for financial viability through the introduction of new products.
"In Web2, the competition revolves around controlling users, whereas Web3 presents a chance to compete by empowering them. Success is achieved not by ownership but by earning their loyalty,\".
As of this writing, Uniswap’s native token, $UNI, has surged 15.4% in value over the last 24 hours. Currently, it sits at $6.33 with a trading volume of $200 million in the last 24-hour period.
Hayden said.
The Chinese metaverse sector has amassed $780 million, leading the charge are industry giants Tencent and NetEase.
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Disclaimer
In line with the Trust Project guidelines Agne is a journalist focused on the latest innovations and developments within the realms of the metaverse, AI, and Web3 for Metaverse Post. Her fervor for storytelling drives her to conduct numerous interviews with industry experts, unearthing captivating and engaging stories along the way. Agne possesses a Bachelor's degree in literature and has significant experience writing on diverse topics such as travel, art, and culture. Additionally, she has volunteered as an editor for an animal rights organization, raising awareness about animal welfare. Reach out to her at
