Major decentralized exchange (DEX) Uniswap (UNI) 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 a $100-$200 million capital round.as reported by TechCrunch on September 30.
The startup is working with investors such as Polychain and one of Singapore’s sovereign wealth funds as part of the next round of funding, the report said, citing two unnamed people familiar with the matter. According to the report, Uniswap would be valued at USD 1,000 million, but the terms of the agreement are subject to change since the discussions around the round have not been finalized.
The new funding would aim to bring more DeFi tools and non-fungible token (NFT) offerings to Uniswap. At the time of writing, Uniswap’s daily trading volumes stood at $1.1 billion, or around 57% of all global DEX trades, according to data from DefiLlama. By comparison, Curve, the second largest DEX after Uniswap by volumes, has about $205 million in daily volumes.
“Our mission is to unlock universal ownership and sharing,” said Uniswap Labs COO Mary-Catherine Lader. “If you can build in the ability to exchange value and get people to join the community and exchange value with your project, or your company or organization, that’s a powerful way to enable more people to engage with this property.”he added.
Uniswap Labs declined to confirm or deny the report about the startup’s plans for the surge.
As Cointelegraph previously reported, Uniswap has been in talks with multiple NFT lending protocols, pointing to ambitious plans to address liquidity issues and “information asymmetry” around NFTs.. The Ethereum-based DEX has seen a growing trend despite this year’s bear market.
Launched in 2018, Uniswap completed its first funding round from US 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 including Paradigm, USV, Version One, Variant, Parafi Capital and others.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.