Decentralized exchange (DEX) Uniswap (UNI) is in the early stages of fundraising to expand its decentralized finance (DeFi) offerings, according to Cointelegraph.
As mentioned by Cointelegraph. Uniswap Labs, a DeFi startup that makes contributions to the Uniswap protocol, is engaging with multiple investors to raise a $100 million to $200 million capital round, TechCrunch recently reported. The startup is reportedly working with investors like Polychain and one of Singapore’s sovereign wealth funds as part of the next round of funding, the report mentions. As mentioned in the report, Uniswap would be valued at $1 billion, but the terms of the deal are subject to change as discussions around the round have not been finalized. Through the new funding round, Uniswap would look to bring more DeFi tools and non-fungible token (NFT) offerings. At the time of writing, Uniswap’s daily trading volumes totaled $1.1 billion, or about 57% of trading among global DEXs, according to data provided by DefiLlama.
“Our mission is to unlock universal ownership and sharing. If you can build the ability to exchange value and get people to join the community and exchange value with your project, or with your company or organization, this is a powerful way to allow more people to participate in this property,” Mary-Catherine Lader, Chief Operating Officer. office, Uniswap Labs, said.
Additionally, Cointelegraph mentioned that Uniswap has been in talks with several NFT lending protocols, with the aim of making plans to address liquidity issues and information asymmetry around NFTs. The Ethereum-backed DEX has reportedly experienced an upward trend despite the effects of the bear market this year. Launched in 2018, Uniswap completed its first round of funding from US cryptocurrency-focused investment firm Paradigm in 2019, and also closed a Series A funding round.
(With information from Cointelegraph)
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