Uniswap Labs Bags New $165 Million Funding, Valuation Jumps to $1.66 Billion

The freshly raised capital would be used to add a plethora of new products, that have been in Uniswap’s pipeline for a while now.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 14 October 2022 15:32 IST

Uniswap Labs Bags New $165 Million Funding, Valuation Jumps to $1.66 Billion

Photo Credit: Twitter/ Uniswap

The governance community of Uniswap has created a Uniswap Foundation

Highlights

Uniswap Labs has been in business since last four years
Polychain labs led the fresh investment round in Uniswap
a16z, Paradigm are among participating venture capitals

In a Series B funding round, Uniswap Labs raised a fresh capital of $165 million (roughly Rs. 1,360 crore). The round was led by investment firm Polychain Capital and saw participation from other venture firms like Andreessen Horowitz, SV Angel, Paradigm, and Variant among others. The freshly raised capital would be used to add a plethora of new products, that have been in Uniswap's pipeline for a while now. Founded in 2018, the market cap of Uniswap Labs has touched the total valuation of $1.66 billion (roughly Rs. 13,675 crore).

Out of the several projects that Uniswap is looking to launch, one will enable people to trade NFT on Uniswap from a bunch of marketplaces, a TechCrunch report quoted people familiar with the matter as saying. The company is also exploring the idea of rolling out a crypto wallet.

“As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own,” the company said in a blog post.

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As an example, the governance community recently voted to create the Uniswap Foundation. This newly founded body will contribute to the Uniswap protocol's decentralised development and give at least $60 million (roughly Rs. 495 crore) in grants to community projects over the next few years.

Built on the Ethereum blockchain, Uniswap allows users to swap ERC-20 tokens – that can be used to represent a wide array of digital assets as well as financial values. Uniswap exchanges only list tokens built on the Ethereum blockchain. In the coming times, Uniswap Labs could bring about security advancements to its systems as well.

In July 2022, hackers stole around ETH 7,500, worth more than $8.1 million (roughly Rs. 64.45 crore), from Uniswap via a phishing attack. The event data on the blockchain was altered by the scammers to make it seem as though Uniswap was airdropping tokens to platform liquidity providers.

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When the users connected their wallets to the contract's website, which resembles Uniswap, native tokens (ETH), ERC20 tokens, and NFTs (namely Uniswap LP positions) were snatched from their wallets.

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Further reading: Cryptocurrency, Uniswap Labs, Polychain Capital

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More