Decentralised exchange (DEX) Uniswap (UNI) is reportedly at the beginning stages of raising funds for the purpose of expansion of its decentralised finance (DeFi) offerings, insights from a report showed, according to Cointelegraph.
As mentioned by Cointelegraph. Uniswap Labs, a DeFi startup making contributions towards the Uniswap protocol, is getting involved with a number of investors to raise an equity round of $100 million to $200 million, TechCrunch informed recently. Reportedly, the startup is working with investors such as Polychain and one of the Singapore sovereign funds as part of the upcoming funding round, the report mentioned. As mentioned in the report, Uniswap would have a valuation of one billion dollars but the terms of the deal can be changed as discussions around the round have not been finalised. Through the new funding round, Uniswap would look to bring more DeFi tools and non-fungible token (NFT) offerings. At the time of the publication’s writing, Uniswap’s daily trading volumes amounted to $1.1 billion, or about 57% of trading across global DEXs, data provided by DefiLlama highlighted.
“Our mission is to unlock universal ownership and exchange. 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,” Mary-Catherine Lader, chief operating office, Uniswap Labs, said.
Moreover, Cointelegraph mentioned that Uniswap has been in talks with multiple NFT lending protocols, for the purpose of making plans around tackling of liquidity issues and the information asymmetry around NFTs. Reportedly, the Ethereum-backed DEX has experienced a growing trend despite effects of the bear market this year. Launched in 2018, Uniswap completed its first-ever funding round from the American cryptocurrency-focused investment firm Paradigm in 2019, and also closed a Series A funding round.
(With insights from Cointelegraph)