Uniswap Just Raised $165 Million to Build NFT Aggregator, Here’s What For
Colin Wu, Chinese crypto blogger and journalist, has shared the news that Uniswap Labs, the creator of the prominent decentralized exchange, has succeeded in raising a staggering $165 million in a Series B investment round. Among the investors was Polychain Capital, a16z crypto and other renowned companies.
Uniswap labs announced that they’ve raised $165 million in Series B funding, led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant. — Wu Blockchain (@WuBlockchain) October 13, 2022
Presently, Uniswap has a valuation of nearly $1.7 billion. However, it is not making enough profits to sustain itself, so it has had to take to outside investment in order to expand the range of its products and improve its financial state in the coming years. In particular, it plans to create an NFT aggregator that will help it unlock interactions between tokens and non-fungible tokens.
Uniswap announced its intention to raise funds from Polychain and other investors two weeks ago, hoping to gain between $100 million and $200 million, as U.Today reported back then.
The last time it raised money prior to that was two years ago. Now, it wants to offer its customers some more products to choose from — among them trading NFTs from several marketplaces.
Over the past week, UNI has lost nearly 14% of its price, trading at $5.84 as of this writing, according to CoinMarketCap data. The coin's market capitalization value comprises $4,470,875,642.Source