Uniswap, the leading decentralized exchange (DEX), has secured $165 million in Series B funding to fund the development of a non-fungible token (NFT) aggregator. The funding had participation from existing investors such as a15z, SV Angel, Paradigm, and variant among those that participated in the funding. This is the largest fundraising effort in decentralized financing history.
UniSwap Labs is the parent company of UniSwap and was founded by Adams in 2019 after he left Google due to ethical concerns over its business model.
Funding was headed by Polychain Capital, which manages over $1 billion in assets for high-net-worth individuals and institutions across a number of funds including one focused exclusively on blockchain investments; this is the largest fundraising effort in decentralized financing history, according to Fortune magazine
Hayden Adams, founder of Uniswap and a self-taught programmer, developed the Uniswap Protocol in 2018 as an experiment. It has since supported $1.2 trillion worth of trading volume—making it one of the largest DEXs on the market today
This DEX makes use of smart contracts to enable automated transactions between Ethereum-based crypto tokens with over 1 million users on its platform at any given time; it has also been able to support over 100 million daily transactions without any downtime or exchange hacks. Thus far being reported by consumers who have used their platform and has a peak user base of 3–4 million.
Hayden Adams, the founder of Uniswap and a self-taught programmer developed this protocol in 2018 as an experiment but now it has grown into one of the most prominent players in the space with its security protocols.
The funds also come after centralized loan platforms Celcius and Voyager went bankrupt while Uniswap survived the crypto cold.
This saw many crypto projects close down their operations. The exchange controls 64% of the trade volume on the DEX.
“For us, the industry has started to prove itself and we’re seeing the value of it, especially in this bear market when a lot of centralized infrastructures failed, and a lot of decentralized entities prevailed,” said Hayden Adams told
The company is a market leader in the exchange of digital commodities such as Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Litecoin (LTC), and more. The company is also a leader in the exchange of digital commodities and has survived the crypto cold despite many centralized loan platforms going bankrupt during this time period.
