Uniswap Set To Raise $100M In New Funding Round
- Uniswap, the parent firm of the world’s largest decentralized crypto exchange of the same name, is seeking to raise $100 million to $200 million via a new funding round.
- The startup is currently engaged in dialogues with several potential investors, including Polychain and one of Singapore’s sovereign funds.
- The terms of the funding round have yet to reach final stages and it is also imperative to note that there are increased chances of last minute changes as well.
Uniswap, one of the biggest decentralized applications in the crypto industry, and a well-known decentralized exchange (DEX), is seeking to raise $100 million via a new funding round amidst a bearish market wherein the prices of cryptocurrencies have plunged by significant numbers. It seems that the exchange is betting on the long term bullish situation of the crypto market.
According to a report from TechCrunch, the parent firm of the world’s largest decentralized exchange is set to expand its services and offerings to its customers although the trading volume of NFTs and cryptocurrencies have declined simultaneously by a huge extent. Citing people with the knowledge of the matter, the report stated that the startup is currently engaged in dialogues with several potential investors including Polychain and one of Singapore’s sovereign funds.
Uniswap aims to raise an amount between $100 million to $200 million in an equity round at a valuation of whopping $1 billion, officially making the firm a Unicorn, despite the regulatory uncertainity surrounding the usage of decentralized exchanges. The sources remained unnamed as they requested anonymity for sharing private information.
Interestingly, the terms of the funding round have yet to reach final stages and it is also imperative to note that there are increased chances of last minute changes as well. Interestingly, when TechCrunch reached out to Uninswap Labs, they declined to comment on the same while Polychain has yet to replay to the same.
The plans of Uniswap are definitely running as the decentralized exchange makes up for almost 64% of all DEX volumes, according to DeFi Llama, a crypto and DeFi data website. Interestingly, despite the market crash and a huge drop in the prices of UNI token, the market capitalization of the governance token is still around $5 billion, making it one of the biggest cryptocurrencies in the current date. Furthermore, it is also important to note that during the peak of the bull market, the market cap of UNI exceeded $22.5 billion.
According to the data from Web3 Signals, the last time Uniswap raised funds was in August 2020 wherein the firm raised a couple of millions from popular firms like Paradigm and a16z. Additionally, in the recent months, the decentralized exchange’s parent firm has confirmed that it will aggressively expand its services in the bearish market with “several new products.”
“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.”
Lader told TechCrunch in an earlier interview.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
