Uniswap Labs is in early phases of placing collectively a brand new spherical, in keeping with 4 sources accustomed to the matter, because the guardian agency of the favored eponymous decentralized protocol gears as much as broaden its choices.
The startup is participating with various traders together with Polychain and one in every of Singapore’s sovereign funds to lift an fairness spherical of $100 million to $200 million at a valuation of about $1 billion, two of the sources stated, who like others requested anonymity sharing personal data.
The deliberations of the spherical haven’t reached ultimate phases, so phrases of the deal could change, the sources cautioned. Uniswap Labs declined to remark, whereas Polychain didn’t return a request for remark Thursday.
The brand new funding is indicative of Uniswap’s bold plans to increase its choices. The decentralized change instructions 64% of all DEX volumes, in keeping with DeFi Llama. And the change protocol’s token has a market cap of almost $5 billion regardless of the market downturn. (Throughout the peak bull cycle final 12 months, Uni’s market cap exceeded $22.5 billion.)
Uniswap Labs, which counts a16z and Paradigm amongst its current backers, raised its final funding spherical — a Collection A — in August 2020, in keeping with Web3 Alerts.
In current months, Uniswap Labs has shared plans so as to add “a number of new merchandise.” One of many new choices will enable prospects to commerce NFTs on Uniswap from various marketplaces, Uniswap Labs COO Mary-Catherine Lader advised Decrypt.
“Our mission is to unlock common possession and change,” Lader advised TechCrunch in an earlier interview. “In case you can embed the power to swap worth and have individuals be a part of the group and change worth along with your venture, or your organization or group — that’s a robust method to enable extra individuals to have interaction on this possession.”