Uniswap Raises $11M in Series A Funding

Leading DEX - decentralized exchange platform Uniswap announces it has successfully raised $11M in a Series A funding round

By Victor Ugochukwu · Aug 8, 2020 . 4min read

Leading DEX – decentralized exchange platform Uniswap announces it has successfully raised $11M in a Series A funding round.

Announcing through a blog post on its website, Uniswap’s Series A funding was led by notable VC firms like Andreessen Horowitz. It also received additional investments from USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital

Hayden Adams, Uniswap Protocol’s goes further to hint on how the investment will be deployed. As per his announcements post, he says:

This investment round will help us grow our team to build Uniswap V3, which will dramatically increase the flexibility and capital efficiency of the protocol.

Hayden Adams

Surprisingly, DEX trade volume exploded in 2020 and Uniswap’s success contributes towards this growth. In a massive turnaround, DEX volume for 2020 dwarfs the volume of the previous year month to month.

Already, DEX volume for August has surpassed $1 billion and looks to rise even more. Perhaps it may even surpass DEX all-time high set in July above $4 billion.

As expected, Uniswap with its intuitive interface like that of Shapeshift, leads the rest DEX platforms in volume. Uniswap currently controls more than 50% of daily DEX volume as at publication time.

Asides from just allowing on-chain token exchange it is equally fuelling the growth in DeFi experienced lately. According to data from DeFi Pulse, Total Value Locked – TVL on Uniswap Protocol stands at $136 million presently.

Lastly, Hayden hinted the Uniswap team is expanding due to the $11M Series A funding by rolling out some job openings in the announcement blog.

Follow Cryptodose for daily updates.