Uniswap Labs is Working to Secure over $100M in New Funding
According to TechCrunch reports, Uniswap Labs is planning a new round of equity financing of 100 million to 200 million US dollars.
The decentralized exchange (DEX) has come a long way since its inception at the end of 2018.
Currently, the blockchain protocol running on Ethereum is the fourth largest one on DeFi Pulse, with a total value locked of $3.79 billion.
According to DeFi Llama, despite the market downturn, the exchange protocol’s token market cap is approaching $5 billion. and had a monopoly of 64% of all decentralized exchanges (DEXs) trading volume.
Uniswap Labs is reaching out to a number of investors, including Polychain and one of Singapore’s sovereign funds, to raise between $100 million and $200 million at a valuation of around $1 billion, laying the groundwork for a variety of upcoming products, according to those involved.
Mary-Catherine Lader, COO of Uniswap Labs, said one of the new products will allow customers to trade NFTs on Uniswap from multiple marketplaces. Another is a wallet, according to people familiar with the matter.
Uniswap is considered the largest decentralized exchange (DEX) operating on the Ethereum blockchain. The platform has been helping lead the decentralized finance (DeFi) movement and has proven itself as an advocate for the democratization and decentralization of the traditional financial system. Last September, the U.S. Securities, and Exchange Commission (SEC) began investigating Uniswap Labs, looking into how investors use Uniswap — the world’s largest decentralized exchange — and how the platform is marketed.
In April, Uniswap Labs, the largest decentralized exchange and automated market-making protocol on Ethereum, announced the launch of a new venture capital arm, Uniswap Labs Ventures, to invest in projects across Web3.
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