- The crypto bear market scared off retail investors, but it didn’t scare off venture capitalists looking to fund DeFi projects.
- Uniswap today announced its recent $165 million raise, led by Polychain Capital.
Introducing Polychain Capital in the Series B funding round are a16z crypto, Paradigm, SV Angel, and Variant.
“I am very pleased to report that we have raised $165 million in Series B funding,” Uniswap founder Hayden Adams revealed in a post announcing the ride.
Last month, TechCrunch revealed that the then-current round could be estimated at between $100 million and $200 million, with a Singapore-based investment fund and Polychain linked to the deal. The recent round provides Uniswap with an estimate of $1.6 billion.
“When I created the Uniswap Prrotocol 2018, it was a test to see if I could create something that completely personified Ethereum’s beliefs: transparent, secure, and accessible,” Adams explained.
A decentralized exchange or DEX is an application that allows users to trade cryptos directly without involving a third party. Uniswap is an Ethereum-based DEX that allows users to trade ERC-20 tokens.
The peer-to-peer quality of these exchanges has made them a well-known option for traders looking for a more personal way to trade, but DEXs have also been a very famous target for cybercriminals.
In July, a cybercriminal was able to earn $8 million in theft of funds through a hacking fraud targeting Uniswap users. On October 1, $23 million was looted from a rival decentralized exchange, Transit Swap.
Adams pointed to the introduction of the Uniswap Foundation as an example of community perpetuated around Uniswap, stating that it embodies what a decentralized community can achieve that a personal business cannot achieve on its own.
“The governance community recently voted to create the Uniswap Foundation, which will donate to decentralized protocol development and donate a minimum of $60 million to community projects over the next few years,” Adams admits.
Since its introduction, Adams said, Uniswap has grown and matured and supported $1.2 trillion in trading volume.
“I’m so grateful for the support from our amazing community, our customers, our investors, and the tram,” Adams said, “and I look forward to revealing more in the months to come.”