Uniswap Raises $165M in Closed Funding Round

Decentralized cryptocurrency exchange (DEX) Uniswap announced it has raised $165 million in a closed funding round led by Polychain Capital, Paradigm, Andreessen Horowitz, Variant and others.

As a result of the round, the valuation of the crypto exchange increased to $1.6 billion. The founder of Uniswap, Hayden Adams, noted that when he created Uniswap in 2018, he did not expect that the protocol would grow to such a size and become the embodiment of all the values ​​of the Ethereum ecosystem.

Adams stated that if they were a company not backed by a decentralized community, they are unlikely to succeed. According to him, Uniswap has become a kind of benchmark for other developers: the constant support of the exchange community demonstrates that a decentralized system can achieve what a company cannot achieve alone.

“The governance community recently voted to create the Uniswap Foundation, which will contribute to the development of the protocol and provide at least $60 million in grants to community projects over the next few years,” Adams said.

At the moment, the total volume of transactions carried out on the exchange has exceeded $1.2 trillion, and the daily volume of transactions is about $200 million. The exchange plans to use the funds received during the funding round to expand the development team.

Uniswap began negotiating a $100 million to $200 million raise back in September. Then the company said that the funds were needed to create a universal platform for storing and exchanging digital assets.