Main decentralized exchange (DEX) Uniswap (UNI) is within the early phases of elevating vital funds to additional broaden its decentralized finance (DeFi) choices, in response to a brand new report.
Uniswap Labs, a DeFi startup contributing to the Uniswap Protocol, is partaking with plenty of buyers to lift an fairness spherical of $100 million to $200 million, TechCrunch reported on Sept. 30.
The startup is working with buyers like Polychain and one in all Singapore’s sovereign funds as a part of the upcoming funding spherical, the report notes, citing two nameless individuals aware of the matter. In keeping with the report, Uniswap can be valued at $1 billion, however the phrases of the deal are topic to adjustments because the discussions across the spherical haven’t been finalized.
The brand new funding reportedly goals to deliver extra DeFi instruments and nonfungible token (NFT) choices to Uniswap. On the time of writing, Uniswap’s each day buying and selling volumes amounted to $1.1 billion, or about 57% of all buying and selling throughout world DEXs, in response to knowledge from DefiLlama. By comparability, Curve, the second-largest DEX after Uniswap by volumes, has about $205 million in each day volumes.
“Our mission is to unlock common possession and change,” Uniswap Labs chief working workplace Mary-Catherine Lader reportedly stated. “In case you can embed the flexibility to swap worth and have individuals be a part of the group and change worth together with your venture, or your organization or group — that’s a robust strategy to permit extra individuals to have interaction on this possession,” she added.
Uniswap Labs declined to substantiate or deny the report on the startup’s plans concerning the increase.
As beforehand reported by Cointelegraph, Uniswap has been in talks with multiple NFT lending protocols, focusing on formidable plans to sort out liquidity points and the “info asymmetry” round NFTs. The Ethereum-based DEX has experienced a growing trend regardless of the bear market this yr.
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Launched in 2018, Uniswap completed its first-ever funding spherical from the American crypto-focused funding agency Paradigm in 2019. The corporate additionally closed a Sequence A funding spherical led by Andreessen Horowitz in 2020, with further investments from companies like Paradigm, USV, Model One, Variant, Parafi Capital and others.