Uniswap Labs valued at $1.66 billion in $165 million new funding • TechCrunch

Uniswap Labs has raised $165 million in a brand new funding spherical because the mum or dad agency of the world’s largest decentralized trade seems to broaden its choices.

The Sequence B funding was led by Polychain Capital, the startup mentioned. The information confirms a TechCrunch scoop — that mentioned that Uniswap Labs was seeking to increase between $100 million to $200 million and was participating with Polychain — from late final month concerning the funding. Uniswap Labs mentioned it’s valued at $1.66 billion within the new funding. Current backers a16z crypto, Paradigm, SV Angel, and Variant additionally participated within the spherical.

The decentralized trade instructions 64% of all DEX volumes, based on DeFi Llama. And the trade protocol’s token has a market cap of practically $5 billion regardless of the market downturn. (Throughout the peak bull cycle final yr, Uni’s market cap exceeded $22.5 billion.)

In latest months, Uniswap Labs has shared plans so as to add “a number of new merchandise.” One of many new choices will enable clients to commerce NFTs on Uniswap from a lot of marketplaces and one other is a pockets, based on individuals aware of the matter.

“As Uniswap Labs focuses on merchandise, a wider ecosystem continues to develop and thrive past what anyone firm can do on their very own. For instance, the governance neighborhood lately voted to create the Uniswap Basis, which can contribute to the Protocol’s decentralized growth and provides at the least $60 million in grants to neighborhood initiatives over the subsequent few years,” the agency mentioned right this moment in an announcement.