Monat: Oktober 2022

Decentralised crypto exchange Uniswap has raised $165 million in a latest funding round and will use the funds to invest in its web app.

Uniswap, one of the leading decentralised cryptocurrency exchanges in the world, announced on Thursday, October 13th, that it had raised $165 million in a Series B funding round.

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 🦄🍾https://t.co/ChilydWOEO

— Uniswap Labs 🦄 (@Uniswap) October 13, 2022

The crypto exchange said the funding round was led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant.

Uniswap revealed that it would use the proceeds from the funding event to invest in its web application. The crypto exchange said;

“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!”

Uniswap Labs said as it focuses on building its products, a much broader cryptocurrency ecosystem continues to grow and thrive beyond what any single company can do in isolation. 

The team revealed that the governance community recently voted to create the Uniswap Foundation. 

The Uniswap Foundation is tasked with contributing to the Uniswap Protocol’s decentralised development. The Foundation will also issue around $60 million in grants to community projects over the next few years. 

Uniswap founder Hayden James said he is proud of the DEX’s journey so far. He stated that;

“When I built the Uniswap Protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Ethereum: transparent, secure, and accessible. Since then, it has grown and evolved in ways I never imagined. It’s supported $1.2 trillion in trading volume to date and has become critical public infrastructure for exchanging digital value.”

Uniswap is the second-largest decentralised exchange, according to Coinmarketcap. The platform processes over $300 million in daily trading volume and is only behind dydx. 

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Tether’s commercial paper has shrunk to zero, the USDT issuer has announced.

Instead of holding commercial paper, Tether has replaced the investments with US Treasury Bills (T-Bills).

The news comes just a few months after the USDT issuer said it would completely remove commercial paper from its reserves, and is a route the company has pursued as it looks to increase transparency around its stablecoin reserves.

Tether has eliminated over $30 billion dollars of commercial paper without any losses, a proof of how Tethers’ reserves are conservatively and professionally managed. Tether has also increased its direct exposure to US Treasuries by more than $10 billion in the last quarter.(2/3)

— Tether (@Tether_to) October 13, 2022

Tether CTO Paolo Ardoino affirmed in May that USDT was fully backed, and in July 2022, Tether announced its CP holdings were on track to fall below $3.5 billion.

Ardoino then said in August that the stablecoin issuer’s commercial paper holdings would drop below $200 million at the end of the month and to zero by the end of October 2022. In September, the company revealed that its CP holdings had dropped below $50 million.

In all, Tether has managed to eliminate $30 billion worth of commercial paper from its reserves.

USDT reserves in more US Treasury bills

On the company’s website, Tether shows it holds 54.57% in US Treasury Bills and 15.89% in Commercial Paper and Certificates of Deposit.

The total reserves breakdown shows Cash & Cash Equivalents and Other Short-Term Deposits & Commercial Paper make up 79.62% of the USDT reserves, with 8.36% in other investments that include digital tokens, 6.77% in secured loans and 5.25% in corporate bonds, funds and precious metals.

Going by these percentages, replacing commercial paper investments with T-Bills increases the latter’s overall holdings under cash and cash equivalents to 70.46%.  

US T-Bills means Tether now backs its USDT with the “most secure, liquid reserves in the market,” the company noted.

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