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Decentralized cryptocurrency exchange service Uniswap has raised $165 million in a Series B funding round led by Polychain Capital. The company behind the trading platform said in a blog post that longtime investors such as a16z crypto, Paradigm, SV Angel and Variant also participated in the funding.
The move comes after the governance community supported the initiative to create the Uniswap Foundation, which will contribute to the protocol's decentralized development and distribute around $60 million in grants to community projects.
"When I built the Uniswap Protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Ethereum: transparent, secure, and accessible. Since then, it has grown and evolved in ways I never imagined," said Uniswap Labs CEO, Hayden Adams.
As iHodl earlier reported, reports projected that Uniswap would likely raise from $100 million to $200 million at a $1 billion valuation. Adams didn't reveal the platform's valuation with the latest funding.
In April, Uniswap Labs launched its separate investment arm called Uniswap Labs Ventures, which uses its capital to fund Web3-related companies, from infrastructure to developer tools and consumer-facing applications.
