The developers behind the world’s largest decentralized crypto exchange (DEX) by trading volume are securing $165 million in additional investment amid the ongoing bear market.
Hayden Adams, the chief executive of Uniswap Labs, says his team raised that total in a Series B funding round led by Polychain Capital.
Uniswap Labs is the team that created the Uniswap (UNI) DEX.
The funding round also included participation from longtime Uniswap investors a16z crypto, Paradigm, SV Angel, and Variant.
Adams tells Fortune that the exchange is not currently profitable. He notes Uniswap hopes to use the funds to become financially sustainable and offer more products, like a non-fungible token (NFT) aggregator.
Explains the CEO,
“The world of NFTs and tokens and DeFi are viewed as two separate ecosystems… it’s like saying the world of chat boards and photos are different.”
Uniswap is currently the top DEX by trading volume, with more than $950 million in volume in the past 24 hours and 43% of the market share.
The project’s native token, UNI, is trading at $6.16 at time of writing. The 19th-ranked crypto asset by market cap is up 1.2% in the past 24 hours. It remains more than 86% down from its all-time high of nearly $45, which it hit in May 2021.
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