Oct 14, 2022 02:50
One of the most popular decentralized exchanges (DEX), known as Uniswap (UNI/USD) has successfully managed to raise $165 million in a Series B funding round.
The crypto-focused investment company known as Polychain Capital raised this funding initiative.
Uniswap is an automated cryptocurrency exchange built on top of Ethereum (ETH/USD) that features its own native cryptocurrency, known as UNI.
The $165 million investment as a catalyst for growth
On October 13, 2022, Uniswap published a press release where the decentralized exchange confirmed the completion of a Series B funding round, which raised $165 million.
These secured funds have a valuation of $1.66 billion.
The funding initiative was led by Polychain Capital and saw the participation of other notable venture capital firms, such as Andreessen Horowitz (a16Z), Paradigm, SV Angel, and Variant investments.
The DEX aims to use the secured funds to boost the web application and developer tools, launch non-fungible tokens (NFTs), and even support mobile users.
Furthermore, Uniswap believes these innovations can push its ecosystem further.
All of this has boosted the interest in the platform, native cryptocurrency, and overall ecosystem, which has resulted in an increased value and trading volume.
Should you buy Uniswap (UNI)?
On October 14, 2022, Uniswap (UNI) had a value of $6.286.
UNI/USD Chart by Tradingview.
The all-time high for the Uniswap (UNI) cryptocurrency was on May 3, 2021, at a value of $44.92. Here we can see that the token was trading $38.634 higher in value, or by 614% at its ATH.
When we go over the 7-day performance of the cryptocurrency, Uniswap (UNI) had its 7-day low at $5.57, while its 7-day high was at $7. Here we can see an increase of $1.43 or 25%.
When we go over the 24-hour performance of the token, we can see that its 24-hour low was at $5.45, while its high point was at $6.51. Here we can see an increase of $1.06 or 19%.
With this in mind, UNI can reach a value of $8 by the end of October 2022, which means that buying UNI is a solid option for investors, especially after this funding round.
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