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

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Decentralized alternate Uniswap Labs has raised $165 million in a Sequence B funding spherical that had participation from a few of blockchain’s largest enterprise companies, placing the corporate on monitor to increase into different crypto-focused domains. 

The funding spherical was led by Polychain Capital with additiona participation from a number of current buyers, together with Andreessen Horowitz, Paradigm, Variant and SV Angel. The funding spherical confirms earlier reporting from Cointelegraph that Uniswap was trying to raise between $100 million and $200 million.

Uniswap stated the funding would go towards increasing its current product choices and bettering the consumer expertise by way of new net functions, developer instruments and a shift towards cellular. The corporate additionally plans on launching nonfungible tokens (NFTs) initiatives sooner or later. 

The official announcement was titled, “Bringing Web3 to Everybody,” an indication that Uniswap was trying to incorporate lots of the core concepts that separate Web3 from the current Web2 environment.

Uniswap rose to prominence in the course of the decentralized finance craze of 2020 as merchants started scouring exchanges for low-cap DeFi initiatives. By February 2021, Uniswap’s cumulative commerce volumes surpassed $100 billion for the primary time. Uniswap’s cumulative buying and selling quantity has since grown to $1.2 trillion, according to founder Hayden Adams.

Associated: Decentralized exchange Uniswap v3 gets ‘Warp’ed’ onto StarkNet

Whereas demand for DeFi merchandise has dried up over the previous 12 months, the sector has continued to function as marketed throughout one of the crucial unstable intervals in crypto historical past. DeFi platforms are filling a void left by the implosion of centralized financed corporations as debtors search out new credit score alternatives.