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Uniswap Labs, the Ethereum decentralised exchange, has raised $165 million in new funding round with Polychain Capital leading the Series B round. Coming in the midst of a market downturn the funding is one of the largest Series B for a crypto firm in 2022. 

The world’s largest decentralized exchange is now valued at a staggering $1.66 billion valuation as it seeks to broaden its offerings "...by investing in our web app and developer tools, launching NFTs, moving into mobile."

In an announcement on their official blog Uniswap founder Hayden Adams expressed gratitude for the community, investors and team. Uniswap has supported $1.2 trillion in trading volume to date and accounts for 64% of all DEX volumes.

Uniswap Labs said it is valued at $1.66 billion in the new funding. Existing backers a16z crypto, Paradigm, SV Angel and Variant also participated in the new round.

In recent months, Uniswap Labs has shared plans to add “several new products.” One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces and another is a wallet, according to people familiar with the matter.

"As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own."

Adams also referenced the Uniswap Foundation that the governance community recently voted for "which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years."

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