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Colin Wu, Chinese crypto blogger and journalist, has shared the news that Uniswap Labs, the creator of the prominent decentralized exchange, has succeeded in raising a staggering $165 million in a Series B investment round. Among the investors was Polychain Capital, a16z crypto and other renowned companies.
Uniswap labs announced that they’ve raised $165 million in Series B funding, led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant. https://t.co/CXYTIRDyM1
Presently, Uniswap has a valuation of nearly $1.7 billion. However, it is not making enough profits to sustain itself, so it has had to take to outside investment in order to expand the range of its products and improve its financial state in the coming years. In particular, it plans to create an NFT aggregator that will help it unlock interactions between tokens and non-fungible tokens.
Uniswap announced its intention to raise funds from Polychain and other investors two weeks ago, hoping to gain between $100 million and $200 million, as U.Today reported back then.
The last time it raised money prior to that was two years ago. Now, it wants to offer its customers some more products to choose from — among them trading NFTs from several marketplaces.
Over the past week, UNI has lost nearly 14% of its price, trading at $5.84 as of this writing, according to CoinMarketCap data. The coin’s market capitalization value comprises $4,470,875,642.
Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.
Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.
