On October 13, the parent organization of the world’s largest decentralized exchange, Uniswap Labs looks to broaden its offerings by raising $165 million in a Series B funding round. 

To “bring web3 to everyone,” Uniswap’s Series B funding round was led by Polychain Capital, along with participation from a16z crypto, Paradigm, SV Angel, and Variant. The funding, which represents the biggest ever investment in the decentralized finance (DeFi) space, values Ethereum-powered decentralized exchange (DEX) Uniswap at $1.66 billion. 

“1/ We’re proud to announce that we’ve raised $165 million in Series B funding to bring the powerful simplicity of Uniswap to even more people across the world” Uniswap Labs tweeted on Thursday.  The funding comes only fourteen days after reports that Uniswap is in converses to raise somewhere in the range of $100 and $200 million. The DEX was examining another funding round with Polychain Capital and “a Singapore-based sovereign fund.” 

Uniswap’s Series B round happens in the midst of an enormous downturn in the crypto market, which has prompted the breakdown of several centralized projects such as Celsius Network and Voyager Digital. Then again, various decentralized projects flourished during the downturn, noted Hayden Adams, CEO of Uniswap Labs. 

“For us, the industry has started to prove itself and we’re seeing the value of it, especially in this bear market when a lot of centralized infrastructures failed, and a lot of decentralized entities prevailed,” Said Hayden Aams, CEO of Uniswap Labs. 

The DEX expects to utilize the fresh funding to expand its product lineup and become financially sustainable in the years to come. A part of the subsidizing will likewise be utilized to foster a non-fungible token (NFT) aggregator that will “unlock new interaction between tokens and NFTs,” Adams added.