On the 13th of October, Uniswap announced that it had raised $165 million in funding from Polychain Capital, which is another funding in Defi projects, despite the crypto bear market that has scarred off retail investors. After this funding, Polychain Capital joined and led the Series B funding with a16z crypto, SV Angel, Paradigm, and Variant.
In a post announcing the raise, Hayden Adams, the founder of Uniswap, said I am so excited to announce that we have raised $165 million in Series B funding.
Last month, TechCrunch reported that the Uniswap startup is attracting several investors, including Singapore’s sovereign investment fund and Polychain, to raise an equity round of $100 million to $200 million. After Uniswap’s new deal with Polychain Capital, its valuation increased up to $1.6 billion.
Hayden said about his Uniswap idea that he built the Uniswap Protocol in 2018, and it was an experiment to see if he could create something that fully embodied the values of Ethereum, which are transparent, secure, and accessible.
Uniswap is an Ethereum DEX, also called Decentralized exchange, which is an application that lets users trade cryptocurrency directly with each other without using an intermediary. Uniswap allows its users to swap ERC-20 tokens. These features of Uniswap have made it a popular option for traders looking for a more private way to trade.
There’s also a downside of Uniswap, which is its DEX, a popular target of cybercriminals. In July, a cybercriminal made $8 million in funds stolen through a phishing scam targeting Uniswap users. In October, Uniswap’s rival, Transit Swap, which is also Dex-based, lost $23 million in stole.
Hayden said about the decentralized exchange that 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.
Hayden said about Uniswap’s valuation that since its launch, Uniswap had supported $1.2 trillion in trading volume. He said that he is so grateful for the support of their incredible community, investors, users, and team. Moreover, he said he could not wait to share more in the months ahead!