Uniswap Laboratoriesa DeFi company that contributes to the Uniswap UNI/USD protocol, is in talks with several investors to fund a $100-200 million seed round in an effort to diversify its offerings and grow its decentralized finance capabilities
Uniswap Labs works with investors including Polychain and one of Singapore’s sovereign wealth funds in the future investment round, at a valuation of $1 billion, TechCrunch reported.
The report says the terms of the deal could change as round talks have yet to be finalized.
Funds to pursue technological advances
Excess funds will allow Uniswap to offer better non-fungible token (NFT) and DeFi technologies.
According to data from DefiLlama, Uniswap’s daily trading volumes currently total $1.1 billion, or nearly 57% of all trades on all global DEXs.
Curve, the second largest DEX by volume after Uniswap, has daily volumes of around $205 million.
“Our mission is to unlock universal ownership and exchange,” said Mary-Catherine Lader, COO of Uniswap Labs.
“If you can embed the ability to exchange value and have people join the community and exchange value with your project, business, or organization, that’s a powerful way to get more people involved. commit to this property,” she added.
Uniswap Labs has not officially commented on the negotiations.
Uniswap seeks to solve liquidity problems related to NFTs
Uniswap has been in discussions with a number of NFT lending protocols about its ambitious ambitions to address liquidity difficulties and “information asymmetry” around NFTs.
Despite this year’s tumultuous market, the Ethereum ETH/USD-based on DEX has seen a growing trend.
Founded in 2018, Uniswap closed its first fundraising a year later with the American investment firm Paradigm, which specializes in cryptocurrencies.
Additionally, the company completed a Series A funding round in 2020, which was also led by Andreessen Horowitz and included contributions from other companies such as Paradigm, USV, Version One, Variant, Parafi Capital and others.
Photo: karnoff via Shutterstock