Uniswap is not even three years old, but it has already turned millions of dollars into billions for venture capitalists who bet on a new kind of cryptocurrency exchange. Instead of acting as a traditional broker, Uniswap is an automated software program that allows users to trade cryptocurrencies directly with each other, without any intermediary. Last year venture capitalists who had invested a total of $12.8m in the company behind the project received a sweetener: Uniswap began distributing 1bn digital tokens to users, giving investors 18 per cent of the total. The tokens, which give holders voting rights in the project, have surged to a price of $28, rewarding the investors with a stake worth roughly $5bn

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