As the parent company of the world’s largest decentralized exchange looks to expand its offerings, Uniswap Labs has raised $165 million in a new funding round.
Polychain Capital led the Series B funding, according to the startup. The news backs up a report from last month that Uniswap Labs was looking to raise $100 million to $200 million and was in talks with Polychain.
The new funding values Uniswap Labs at $1.66 billion, according to the company. Existing backers a16z crypto, Paradigm, SV Angel, and Variant took part in the new round as well.
According to DeFi Llama, the decentralised exchange controls 64% of all DEX volumes. Despite the market downturn, the exchange protocol’s token has a market cap of nearly $5 billion.
Uniswap Labs has recently announced plans to add “several new products.”
According to people familiar with the matter, one of the new offerings will allow customers to trade NFTs on Uniswap from a variety of marketplaces, and another is a wallet.
“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!”
“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,” it added.
The funding one of the largest Series Bs for a crypto firm this year comes at a time when investors’ appetite for writing new checks has been dampened by the market downturn.
VC investment in crypto startups fell 37% year on year in the September quarter to $4.44 billion, the lowest level in more than a year.
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