Thursday, December 8, 2022

Uniswap Labs Eyes Over $100M Funding at $1B Valuation 

Decentralized crypto trading protocol Uniswap Labs is currently looking at securing funds between $100 million and $200 million. The protocol plans to raise this equity funding round at a valuation of $1 billion. Presently, Uniswap Labs is still trying to put the funding round together to expand its product and service offerings.

It is trying to pull in investors like Polychain and one of Singapore’s sovereign funds.

Their discussion is yet to be finalized therefore, the terms might still be altered as they progress. According to Decentralized Finance TVL aggregator DeFi Llama, Uniswap commands about 64% of all Decentralized Exchange (DEX) volume. 

At some point last year, Uniswap’s market capitalization exceeded $22.5 billion. Now the protocol’s native token Uniswap has a market cap of almost $5 billion even in the midst of the market downtrend. Interestingly, it was also revealed that Uniswap’s Decentralized Autonomous Organization (DAO) has about $2.7 billion in its treasury reserve. 

Uniswap Labs to Introduce New Offerings

As a part of the new offerings which Uniswap Labs plans to add with the funding, is a product that would allow users to trade Non-fungible tokens (NFTs). The NFTs can be transferred to Uniswap from several other NFT marketplaces in the ecosystem. Uniswap Labs COO Mary-Catherine Lader gave out the information, she also mentioned that Uniswap’s 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.”

No details have been disclosed but another incoming product is a digital asset wallet. Earlier in April, the DEX protocol launched its venture arm Uniswap Labs Venture (ULV) focused on Web3.0 development. The leadership of the VC was put in the care of Teo Leibowitz Uniswap’s ex-lead strategist with support from Lader. 

Specifically, the focus of the ULV is to provide support in terms of infrastructure, creator tools, and consumer-facing applications. All of these will be used in financing projects, initiatives or companies centered on Web3.0 technology at various levels to further the advancement of the space.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
1,979FollowersFollow

Latest Articles

%d bloggers like this: