Decentralized Exchange Pulls In $165,000,000 in Fundraising Round Amid Ongoing Crypto Bear Market

The developer behind the world’s largest decentralized crypto exchange (DEX) by trading volume has secured an additional $165 million in investments amid an ongoing bear market.

Hayden Adams, CEO of Uniswap Labs, said: To tell His team raised the sum in a Series B funding round led by Polychain Capital.

Uniswap Labs is the team that created the Uniswap (UNI) DEX.

Longtime Uniswap investors a16z crypto, Paradigm, SV Angel and Variant also participated in the funding round.

Adams speaks luck The exchange is not currently profitable. He said he hopes Uniswap will use the funds to become financially sustainable and offer more products like non-fungible token (NFT) aggregators.

CEO explains,

“The worlds of NFTs and tokens, and the DeFi world are seen as two separate ecosystems … It’s like saying that chatboards and photography worlds are different.”

Uniswap is Current With over $950 million in trading volume in the last 24 hours, it accounts for 43% of the market share, making it the top DEX by trading volume.

The project’s native token, UNI, is trading at $6.16 at the time of writing. The 19th largest crypto asset by market capitalization is up 1.2% over the past 24 hours. It is down more than 86% from its all-time high near $45 in May 2021.

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