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Uniswap Labs, a popularly known decentralized exchange recently raised $165 million in a Series B investment round from some of the top venture capital firms in the blockchain industry.
With involvement from a number of previous investors, including Andreessen Horowitz, Paradigm, Variant, and SV Angel, the investment round was led by Polychain Capital. Uniswap was earlier seeking to raise between $100 million and $200 million.
Uniswap disclosed that the cash will be used to increase the product options for its current customers and enhance their user experience through the development of new online applications, developer tools, and a move toward mobile. In the future, the company also intends to start nonfungible tokens (NFTs) initiatives.
The investment round comes after Citigroup stated in a research report that consumers have shifted away from centralized exchanges because of their onerous know-your-customer rules, leading to a growth in decentralized exchange growth over the previous two years.
The phrase "Bringing Web3 to Everyone" appeared in the title of the formal announcement, indicating that Uniswap intended to embrace many of the fundamental concepts that distinguish Web3 from the current Web2 environment.
Uniswap gained notoriety when traders started searching exchanges for low-cap DeFi companies during the decentralized finance fever of 2020. Uniswap's total transaction volume had topped $100 billion by February 2021, marking a first.
According to inventor Hayden Adams, the total trading volume of Uniswap has increased to $1.2 trillion since its inception.
During a drop in demand for DeFi devices over the past year, the industry has been on keeping on despite one of the most turbulent moments in crypto history. Borrowers looking for fresh loan options are filling the gap created by the collapse of centralized financed businesses by using DeFi platforms.
