Decentralized marketplace Uniswap has raised $165 million in Series B funding and plans to set its sights on the NFT and Web3 markets.
Uniswap is the world’s largest decentralized exchange. More than 1.2 trillion dollars have been traded through Uniswap during its existence.
The exchange is preparing for new territory conquests in the crypto world. The funding round was led by Polychain Capital, a16z, and a few other investors. Uniswap was looking for funding of 100-200 million dollars, so the funding ended up being just the right size.
The funding is intended to be used to expand current products, improve the user experience, and improve developer tools and mobile applications. The company also aims to publish its own NFT project at a later stage.
Uniswap’s popularity exploded in the summer of 2020 when people were looking for projects with a low market value. In February 2021, the exchange volume on the platform was already over 100 billion. Now it has already more than tenfold from that to 1.2 trillion dollars.
Although the interest in decentralized financial services has decreased, the development is moving forward little by little. Even today, it is difficult to get a loan from the bank, and people want to finance their investments. Decentralized financing becomes a facilitating factor here.
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What is decentralized finance?
Decentralized finance, such as Uniswap’s marketplace, works similarly to traditional banks but without paperwork or bureaucracy.
In the traditional stock market, opening hours and intermediaries make trading difficult. At Uniswap, you can exchange almost any cryptocurrency at any time. No one can prevent you from switching either, as the systems work in a decentralized manner.
In decentralized finance services, you can apply for a loan without anyone’s permission or interviews as long as you can offer a suitable cryptocurrency as collateral for the loan, for example. No one thinks about your credit history or anything else, and you can withdraw the loan when it suits you.
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