DEX dev Uniswap Labs looks for new funding at unicorn valuation: Report

Share This Post

Uniswap has been previously in talks with NFT lending protocols, planning to tackle liquidity issues and the “information asymmetry” around NFTs.

Major decentralized exchange (DEX) Uniswap is in the early stages of raising significant funds to further expand its decentralized finance (DeFi) offerings, according to a new report.

Uniswap Labs, a DeFi startup contributing to the Uniswap Protocol, is engaging with a number of investors to raise an equity round of $100 million to $200 million, TechCrunch reported on Sept. 30.

The startup is working with investors like Polychain and one of Singapore’s sovereign funds as part of the upcoming funding round, the report notes, citing two anonymous people familiar with the matter. According to the report, Uniswap would be valued at $1 billion, but the terms of the deal are subject to changes as the discussions around the round have not been finalized.

The new funding reportedly aims to bring more DeFi tools and nonfungible token (NFT) offerings to Uniswap. At the time of writing, Uniswap’s daily trading volumes amount to $1.1 billion, or about 57% of all trading across global DEXes, according to data from DeFi Llama. By comparison, Curve, the second-largest DEX after Uniswap by volumes, has about $205 million in daily volumes.

Five largest DEXes by daily trading volumes. Source: DeFi Llama

“Our mission is to unlock universal ownership and exchange,” Uniswap Labs COO Mary-Catherine Lader reportedly said. “If you can embed the ability to swap value and have people join the community and exchange value with your project, or your company or organization — that’s a powerful way to allow more people to engage in this ownership,” she added.

Uniswap Labs did not immediately respond to Cointelegraph’s request for comment.

As previously reported by Cointelegraph, Uniswap has been in talks with multiple NFT lending protocols, targeting ambitious plans to tackle liquidity issues and the “information asymmetry” around NFTs. The Ethereum-based DEX has experienced a growing trend despite the bear market this year.

Related: Pantera plans to raise $1.25B for second blockchain fund: Report

Launched in 2018, ​​Uniswap completed its first-ever funding round from the American crypto-focused investment firm Paradigm in 2019. The company also closed a Series A funding round led by Andreessen Horowitz in 2020, with additional investments from firms like Paradigm, USV, Version One, Variant, Parafi Capital and others.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Immutable Hit With Wells Notice as SEC Extends ‘Overreach’ to Web3 Gaming

Web3 gaming company Immutable faces a potential lawsuit from the SEC over its IMX token sale Regulation by Enforcement Web3 gaming company Immutable announced on Nov 1 that it had been issued a Wells

SUI Eyes Potential Breakout Amid Market Retrace, Is $2.3 Next?

After recovering from the market retrace, SUI is trying to reclaim the $2 mark and break out from a bullish pattern Some market watchers suggested the cryptocurrency will pull some “big moves”

MicroStrategy Moves $114M in Bitcoin to New Wallet, Plans Future BTC Purchases

The post MicroStrategy Moves $114M in Bitcoin to New Wallet, Plans Future BTC Purchases appeared first on Coinpedia Fintech News According to Lookonchain data, MicroStrategy recently transferred

Analysts Give Short and Long-Term Predictions for Algorand and Lunex Network, Tron Faces Resistance

The post Analysts Give Short and Long-Term Predictions for Algorand and Lunex Network, Tron Faces Resistance appeared first on Coinpedia Fintech News With the potential price pump in the crypto

Bitcoin Market Sentiment Enters Extreme Greed Zone, What Does This Mean For BTC?

Despite facing strong resistance at the $73,000 price level, leading to a notable price drop on Thursday after a remarkable week of upside movement, traders and investors are still betting on

FBI-Created Token Hits Its Mark: Landmark Guilty Plea Shatters Crypto Fraud Ring

The FBI’s fake cryptocurrency token unraveled a landmark market manipulation case, leading a founder to plead guilty to running automated wash trades across exchanges In FBI-Created Token’s Trap,