Crypto Uniswap (UNI) Successfully Gathering IDR 2.5 Trillion In Series B Funding

Uniswap received funding of IDR 2.5 T. (Photo; Doc. Bitcolicias)

The leading decentralized exchange developer (DEX), Uniswap, is reported to have received an injection of USD 165 million (equivalent to IDR 2.5 trillion) in the Series B investment round. The information was conveyed by a blogger and crypto journalist from China, Colin Wu.

A number of venture capitals (VCs) that also poured funds into Uniswap including Polychain Capital, a16z crypto, Paradigm, SV Angel and Varian, as well as various other leading companies.

"Uniswap Labs announced that it has raised $165 million in Series B funding, led by Polychain Capital and with the participation of longtime investors a16z crypto, Paradigma, SV Angel, and Variant," wrote Colin Wu, using Twitter account name Wu Blockchain (@WuBlockchain) October 13, 2022.

U.Today reports that Uniswap currently has a valuation of nearly US$1.7 billion. However, it does not generate enough profits to defend itself, thus having to collect outside investments to expand product reach and improve its financial state in the years to come.

One part of its expansion, Uniswap plans to create an NFT aggregator that will help it open interactions between crypto tokens and Non-Fungible Token digital art. Previously, Uniswap had announced its plans to raise funding from Polychain and other investors. The company hopes to get an injection and about 100 million to 200 million US dollars.

That way, Uniswap can make several product offers for its users including NFT trading in a number of marketplaces. At the time of writing, UNI crypto tokens are trading at IDR 98,500. The price has increased 11.8 percent in the last 24 hours, according to Coingecko data.

In May 2021, UNI managed to carve its all-time high (ATH) at the level of IDR 659,492. However, since the highest score, the UNI price has fallen sharply to 84.8 percent, following a decline in the crypto market in recent months.