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

Decentralized speech Uniswap Labs has raised $165 cardinal successful a Series B backing circular that had information from immoderate of blockchain's biggest task firms, putting the institution connected way to grow into different crypto-focused domains. 

The backing circular was led by Polychain Capital with additiona information from respective existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel. The backing circular confirms earlier reporting from Cointelegraph that Uniswap was looking to raise betwixt $100 cardinal and $200 million.

Uniswap said the backing would spell toward expanding its existing merchandise offerings and improving the idiosyncratic acquisition done caller web applications, developer tools and a displacement toward mobile. The institution besides plans connected launching nonfungible tokens (NFTs) projects successful the future. 

The authoritative announcement was titled, “Bringing Web3 to Everyone,” a motion that Uniswap was looking to incorporated galore of the halfway ideas that separate Web3 from the existent Web2 environment.

1/ We’re arrogant to denote that we’ve raised $165 cardinal successful Series B backing to bring the almighty simplicity of Uniswap to adjacent much radical crossed the satellite https://t.co/ChilydWOEO

Uniswap roseate to prominence during the decentralized concern craze of 2020 arsenic traders began scouring exchanges for low-cap DeFi projects. By February 2021, Uniswap’s cumulative commercialized volumes surpassed $100 billion for the archetypal time. Uniswap’s cumulative trading measurement has since grown to $1.2 trillion, according to laminitis Hayden Adams.

Related: Decentralized speech Uniswap v3 gets ‘Warp’ed’ onto StarkNet

While request for DeFi products has dried up implicit the past year, the assemblage has continued to run arsenic advertised during 1 of the astir volatile periods successful crypto history. DeFi platforms are filling a void near by the implosion of centralized financed companies arsenic borrowers question retired caller recognition opportunities.