Uniswap Developer Planning To Raise $100,000,000 in Fresh Funding Round: Report
The builders behind the world’s largest decentralized crypto trade (DEX) by buying and selling quantity are reportedly planning to lift a whole bunch of tens of millions of {dollars} in a brand new funding spherical.
In line with a latest report by TechCrunch, nameless sources say that Uniswap Labs, the workforce that created the Uniswap (UNI) DEX, is trying to elevate between $100 million and $200 million as a method of increasing its choices.
The report finds that Uniswap Labs is in talks with quite a few traders, together with San Francisco-based crypto funding agency Polychain Capital and certainly one of Singapore’s sovereign funds.
Although neither Uniswap or Polychain have been out there to remark, sources acquainted with the matter inform TechCrunch that the phrases of the deal might change because the negotiations have but to achieve their finals rounds.
In line with information from DeFi Llama, Uniswap accounts for about 31% of all exercise on decentralized exchanges and at the moment has a complete market cap of about $4.8 billion, a fraction of its peak of $22.5 billion set in the course of the peak of final yr’s bull cycle.
Information of a contemporary fundraising spherical comes after Uniswap Labs acquired non-fungible token aggregator Genie in an effort to permit customers to purchase and promote NFTs throughout completely different marketplaces.
As beforehand acknowledged by Uniswap Labs COO Mary-Catherine Lader to TechCrunch,
“Our mission is to unlock common possession and trade. When you can embed the flexibility to swap worth and have folks be part of the group and trade worth together with your undertaking, or your organization or group – that’s a strong strategy to permit extra folks to have interaction on this possession.”
Information of the fundraising spherical had little affect on the DEX’s native token as UNI is altering fingers for $6.39 at time of writing, a 1.80% lower on the day.
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