Decentralized exchange Uniswap Labs reportedly secured $165 million via a Series B fundraising, with participation from a few of blockchain’s most major venture entities.

Specifically, the freshly concluded funding round has reportedly helped the firm to stay on track with its expansion plan into other crypto-centric territories. 

The funding round was reportedly led by Polychain Capital, and witnessed extra participation from numerous current investors, nominally Andreessen Horowitz, Paradigm, Variant and SV Angel. The funding round confirms earlier that Uniswap was having intentions of raising between $100 million and $200 million.

Uniswap additionally shared that the funding would be dedicated towards the expansion of its current product suite, as well as enhancing the user experience via new web applications, developer tools and a shift toward mobile. 

The firm further have plans down its pipeline to release nonfungible tokens (NFTs) projects in the future. 

The official announcement was dubbed “Bringing Web3 to Everyone,” a sign showing Uniswap’s intention of eyeing for incorporation with several of the core ideas that distinguished Web3 from the existing Web2 environment.

Uniswap trending in the upward pattern during the decentralized finance craze of 2020, with traders started scouring exchanges for low-cap DeFi projects. 

By February last year, Uniswap’s cumulative trade volumes had surpassed $100 billion for the first time. Uniswap’s cumulative trading volume has since grown to $1.2 trillion, according to founder Hayden Adams.