Uniswap Labs, the parent company of decentralized crypto exchanger Uniswap raised $165 million in a Series B* funding round at a valuation of $1.66 billion.
*Second round of financing for companies that have reached certain milestones and passed the initial stage
It is understood that the Series B funding will be participated by crypto investors a16z, Paradigm, SV Angel and Variant led by Polychain Capital.
This follows because not only Polychain Capital is interested in entering the Uniswap Labs fundraising round, but Singapore has also shown similar interest following Uniswap's desire to expand the Web3, DeFi and non-fungible token (NFT) markets.
The development can allow users to get more convenient and secure services.
Investment firms a16z and Paradigm are said to have led a Series A funding round after showing full confidence in the Uniswap protocol despite the crypto market's severe fall.
The existence of the Uniswap protocol is said to have made it have a trading volume of $1.2 trillion with a market cap of $5 billion due to supporting decentralization, security and access value on the Ethereum (ETH) network.
While the Uniswap Foundation will approve $60 million in grants to community projects to work for the growth of the decentralized Uniswap ecosystem.
Now the price of UNI climbed from the price level of $5.30 to the level of $6.50 after Uniswap announced the raising of $165 million in Series B funding round.
