Uniswap Labs secured the sum of $165 million in Series B funding as it looks to focus on new product launches.

According to For protocol founder Hayden Adams, the funding round was led by Polychain Capital and featured veteran investors a16z crypto, Paradigm, SV Angel, and Variant.

With the funding, Uniswap has now further expanded its position as a cryptounicorn, signaling a massive shift from a protocol that was created as an experiment in 2018 to one that is highly critical in the transfer and exchange of value in the world of cryptocurrencies. digital currencies. . With the latest funding round, Uniswap has increased its valuation to $1.66 billion.

According to Hayden, Uniswap’s vision is expanding and the funds will be used to accelerate growth in various verticals. He noted that the iconic decentralized exchange (DEX) engine is pushing to reach more users around the world and launch new products, including non-fungible tokens (NFTs), build a web app and developer tools, and move to mobile devices, among many other innovations already described. .

The latest injection of capital will help achieve its goals in this regard, as noted by Hayden and, as recommended by the community, the protocol said it has earmarked the sum of $60 million to help drive the creation of new solutions using it to support to developers in its ecosystem. .

The Uniswap protocol has been used to process up to $1.2 trillion in transactions and the Uniswap V3 engine ranks as the fourth largest DEX by transaction volume based on data from CoinMarketCap.

Many protocols have been restructuring their business models with new financing and management reorganization. Earlier this week, competitor DEX platform dYdX fixed Charles d’Haussy of ConsenSys to help run his Foundation as he also looks for new growth potential in various markets.

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