Uniswap Labs, the parent company of decentralized crypto exchange Uniswap, plans to raise $100-$200 million in the next fundraising round with $1 billion in valuation. Several investors including Polychain and Singapore’s sovereign funds have shown interest in the fundraising round of Uniswap. After the announcement, the UNI price jumps over 5% in just a few hours.
Uniswap Labs Plans Raising $100-$200 Million in Next Round
According to sources, Uniswap Labs is in the initial phase of a new fundraising round to increase its offerings. The company behind Uniswap decentralized crypto exchange plans to raise $100-$200 million at a valuation of $1 billion.
Polychain and Singapore’s sovereign funds are reportedly the investors interested in the fundraising round. Other investors have requested to remain anonymous until the fundraising round.
Moreover, the terms of the deal may change as the plan is still in the initial phase. Uniswap hasn’t announced details on the fundraising. However, Uniswap Labs earlier hints at ambitious plans to expand its offerings such as support for NFT trading on Uniswap from various marketplaces.
Venture capital companies including a16z and Paradigm are the existing investors of Uniswap Labs. The company raised $11 million in the Series A funding round in August 2020.
“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,” Uniswap Labs COO Mary-Catherine Lader told TechCrunch in an interview.
Furthermore, Uniswap Labs aims to create the Uniswap Foundation that will support the growth of the decentralized Uniswap ecosystem. Uniswap earlier stated the Ethereum chain’s transition to PoS will help the exchange and scale web3.
UNI Price Rises Higher
UNI price jumps over 5% after the announcement of Uniswap’s fundraising reached traders. The UNI price hit a high of $6.66 before a slight pullback. The price is currently trading at $6.48, up nearly 3%.
Uniswap market cap is $4.93 billion and the trading volume is up only 5%.