Uniswap Labs raises $165M as attention shifts to NFTs, Web3

The decentralized exchange has supported $1.2 trillion in cumulative trading volume since its inception, according to founder and CEO Hayden Adams.

Decentralized exchange Uniswap Labs has raised $165 million in a Series B funding round that had participation from some of blockchain’s biggest venture firms, putting the company on track to expand into other crypto-focused domains. 

The funding round was led by Polychain Capital with additional participation from several existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel. The funding round confirms earlier reporting from Cointelegraph that Uniswap was looking to raise between $100 million and $200 million.

Uniswap said the funding would go toward expanding its existing product offerings and improving the user experience through new web applications, developer tools and a shift toward mobile. The company also plans on launching nonfungible tokens (NFTs) projects in the future. 

The official announcement was titled “Bringing Web3 to Everyone,” a sign that Uniswap was looking to incorporate many of the core ideas that separate Web3 from the current Web2 environment.

Source : Uniswap Labs raises $165M as attention shifts to NFTs, Web3