Uniswap, the world's largest decentralized exchange, raked in $165 million in a new Series B funding round and is now valued at $1.66 billion, its parent company has confirmed.

Hayden Adams, chief executive officer of Uniswap Labs, broke the news about the funding round, which was led by investment firm Polychain Capital, in a blog post Thursday. Existing investors a16z crypto, Paradigm, SV Angel and Variant also participated and doubled down on their investments, according to the post.

"Now, Uniswap Labs is bringing the powerful simplicity and security that has defined the Uniswap Protocol to even more people across the world by investing in our web app and developer tools, launching NFTs, moving into mobile — and more!" Adams wrote.

Adams' post confirmed a TechCrunch scoop from September, which said the film was looking to raise $100 million to $200 million and was in talks with Polychain Capital. Prior to this investment round, Uniswap raised money in August 2020, as per data from Web3 Signals.

"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," Adam noted further. "As an example, the governance community recently voted to create the Uniswap Foundation, 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."

This funding marks one of the biggest Series B rounds in the crypto space this year despite the fact that crypto venture capital investments declined 37% year-on-year in the quarter that ended at $4.44 billion in September. This has been the lowest in more than a year, Bloomberg confirmed.

Following the confirmation of the funding round, the native token of the decentralized exchange, UNI, rose more than 8% and as of 9:56 p.m. ET Thursday and was priced at $6.44, as per CoinMarketCap.

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