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

Main decentralized exchange (DEX) Uniswap (UNI) is within the early phases of elevating vital funds to additional develop its decentralized finance (DeFi) choices, based on a brand new report.

Uniswap Labs, a DeFi startup contributing to the Uniswap Protocol, is partaking with numerous 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 among Singapore’s sovereign funds as a part of the upcoming funding spherical, the report notes, citing two nameless folks acquainted with the matter. In response to 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 carry extra DeFi instruments and nonfungible token (NFT) choices to Uniswap. On the time of writing, Uniswap’s day by day buying and selling volumes amounted to $1.1 billion, or about 57% of all buying and selling throughout world DEXs, based on knowledge from DefiLlama. By comparability, Curve, the second-largest DEX after Uniswap by volumes, has about $205 million in day by day volumes.

“Our mission is to unlock common possession and change,” Uniswap Labs chief working workplace Mary-Catherine Lader reportedly mentioned. “Should you can embed the flexibility to swap worth and have folks be part of the neighborhood and change worth together with your challenge, or your organization or group — that’s a robust strategy to enable extra folks to have interaction on this possession,” she added.

Uniswap Labs declined to verify 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, concentrating on bold plans to deal with liquidity points and the “info asymmetry” round NFTs. The Ethereum-based DEX has experienced a growing trend regardless of the bear market this 12 months.

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

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.