Uniswap Labs eyes over $100 million in new funding • TechCrunch

Uniswap Labs is in early levels of placing collectively a brand new spherical, in line with 4 sources accustomed to the matter, because the mum or dad agency of the favored eponymous decentralized protocol gears as much as broaden its choices.

The startup is participating with various buyers together with Polychain and one in all 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 mentioned, who like others requested anonymity sharing non-public info.

The deliberations of the spherical haven’t reached last levels, 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 trade instructions 64% of all DEX volumes, in line with DeFi Llama. And the trade protocol’s token has a market cap of practically $5 billion regardless of the market downturn. (In the course of 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 Sequence A — in August 2020, in line with Web3 Alerts.

In latest 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 trade,” Lader advised TechCrunch in an earlier interview. “Should you can embed the power to swap worth and have folks be part of the neighborhood and trade worth along with your venture, or your organization or group — that’s a strong approach to enable extra folks to have interaction on this possession.”