Ethereum DEX Uniswap gains $165M in New Funding

The bearish crypto market has frightened the retail investors, but it has not scared off venture capitalists seeking to fund DeFi projects.
Uniswap publicized its recent hike of $165 million today, led by Polychain Capital.

Introducing Polychain Capital in the Series B funding round are a16z crypto, Paradigm, SV Angel, and Variant.

“I am very excited to publicize that we have generated $165 million in Series B funding,” Uniswap founder Hayden Adams revealed in a post publicizing the hike.

Last month, TechCrunch revealed that the then ongoing round could estimate in between $100 million and $200 million, with a Singapore-based investment fund and Polychain bound in the deal. The recent round provides Uniswap with a $1.6 billion estimation.

“When I created the Uniswap Prrotocolin 2018, it was a test to see if I can make something that completely personified the beliefs of Ethereum: transparent, secure and approachable,” Adams explained.

A Decentralized exchange or DEX is an app that permits the users to trade crypto straightly with each other without using a third party. Uniswap is an Ethereum-based DEX that permits users to swap ERC-20 tokens.

The peer-to-peer quality of these exchanges has made them a well-known option for traders seeking for a more personal way to trade, but DEXes have also been the very famous aim of cyber criminals.

In July, a cybercriminal was capable of gaining $8 million in funds theft by a hacking fraud aiming Uniswap users. On October 1st, $23 million was looted from a rival decentralized exchange, Transit Swap.

Adams highlights

Adams highlighted to the introduction of the Uniswap Foundation as an example of a carried-on community back around Uniswap, stating it embodies what a decentralized community can get that a personal company can’t on its own.

“The governance community newly voted to make the Uniswap Foundation, which will donate to the Protocol’s decentralized development and give minimum $60 million in donation to community projects in the coming few years,” Adams admits.

From its introduction, Adams said, Uniswap has developed and matured and backed $1.2 trillion in trading volume.

“I am so thankful for the support of our amazing community, clients, investorsmand tram,” Adams stated, “and I can not wait to reveal more in the upcoming months.”

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing