A new round of funding brings Uniswap Labs to $165 million, increasing its valuation to $1.66 billion.

Kutl Ahmedia

Uniswap Labs has raised $165 million in a Series B investment round (roughly Rs. 1,360 crore). Andreessen Horowitz, SV Angel, Paradigm, and Variant were among the many other venture capital firms that participated in the round managed by Polychain Capital. Uniswap plans to use the newly generated funds to launch a slew of new offerings that have been in development for some time. Uniswap Labs is a 2018 startup with a $1.66 billion market worth (roughly Rs. 13,675 crore).

According to a report by TechCrunch, sources close to the company suggest that one of Uniswap's planned projects will make it possible to trade NFT on Uniswap from a variety of marketplaces. The possibility of launching a cryptocurrency wallet is also being considered by the corporation.

"As Uniswap Labs concentrates on products, a far bigger ecosystem continues to emerge and prosper beyond what any one company can do on its own," the firm wrote in a blog post.

The Uniswap Foundation, for instance, was established after a vote by the governance community. Over the next several years, this newly established organization will award out at least $60 million (approximately Rs. 495 crore) to community projects and aid in the decentralized growth of the Uniswap protocol.

Uniswap is a decentralized exchange that operates on the Ethereum blockchain and permits the trading of ERC-20 tokens, which can represent a variety of digital assets and monetary values. Tokens created for the Ethereum blockchain are the only kind listed on Uniswap marketplaces. Uniswap Labs may in the future implement new safety features for its infrastructure.

In July 2022, hackers used a phishing assault to steal 7,500 ETH from Uniswap, which at the time was worth over $8.1 million (approximately Rs. 64.45 crore). Scammers made it look like Uniswap was airdropping tokens to platform liquidity providers by manipulating the event data on the blockchain.

Users had their Ether (ETH), Ethereum Classic (ERC20), and Network Forked Tokens (NFTs; specifically Uniswap LP Positions) stolen when they connected their wallets to the contract's website, which mimics Uniswap.


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