Uniswap Labs Launches Venture Arm

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Today’s Cryptocurrency Headline

Uniswap Labs, the leading developer of Uniswap, has announced the formation of its venture capital arm, Uniswap Labs Ventures. The division will invest in Web3 project teams across different categories, including blockchain infrastructure, developer tools and consumer-facing applications. Additionally, Uniswap Labs Ventures plans to participate in the governance systems of MakerDAO, Aave, Compound, and Ethereum Name Service protocols. The size of the fund was not disclosed, Matteo Leibowitz, the company’s head of venture capital, said the investment would come directly from Uniswap Labs’ balance sheet. Uniswap Labs has invested in 11 startups and projects before launching its venture capital arm, including MakerDAO, Aave, Compound Protocol, PartyDAO, LayerZero, and Ethereum developer platform Tenderly.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShares, Digital asset investment products saw outflows totalling US$134m last week, marking it the second-largest weekly outflow this year. BTC gained 1.7% in the previous 24 hours. The largest cryptocurrency dropped below the critical level of $40,000 earlier in today’s session and recovered to above this level during the evening, indicating the bulls would not give up this level. However, the relative strength index (RSI) on the daily chart is near oversold levels, meaning that bears have a significant advantage. If the price drops below the $40,000 price level, the next support will be around $37,000 – $38,000.