The developers behind the world’s largest decentralized crypto exchange (DEX) by trading volume are reportedly planning to raise hundreds of millions of dollars in a new funding round.
According to a recent report by TechCrunch, anonymous sources say that Uniswap Labs, the team that created the Uniswap (UNI) DEX, is looking to raise between $100 million and $200 million as a means of expanding its offerings.
The report finds that Uniswap Labs is in talks with numerous investors, including San Francisco-based crypto investment firm Polychain Capital and one of Singapore’s sovereign funds.
Though neither Uniswap or Polychain were available to comment, sources familiar with the matter tell TechCrunch that the terms of the deal may change as the negotiations have yet to reach their finals rounds.
According to data from DeFi Llama, Uniswap accounts for about 31% of all activity on decentralized exchanges and currently has a total market cap of about $4.8 billion, a fraction of its peak of $22.5 billion set during the height of last year’s bull cycle.
News of a fresh fundraising round comes after Uniswap Labs acquired non-fungible token aggregator Genie in an effort to allow users to buy and sell NFTs across different marketplaces.
As previously stated by Uniswap Labs COO Mary-Catherine Lader to TechCrunch,
“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.”
News of the fundraising round had little impact on the DEX’s native token as UNI is changing hands for $6.39 at time of writing, a 1.80% decrease on the day.
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