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 recent information report Uniswap Labs, the team that created Uniswap (UNI) DEX, is looking to raise between $100 million and $200 million in funding, according to TechCrunch, according to unnamed sources.
The report shows that Uniswap Labs is in talks with a number of investors, including San Francisco-based crypto investment firm Polychain Capital and one of Singapore’s sovereign funds.
Neither Uniswap nor Polychain were available for comment, but a source familiar with the matter told TechCrunch that the terms of the deal could change as negotiations have yet to reach the final round.
DeFi Llama, according to Uniswap data account Accounting for about 31% of all activity on decentralized exchanges, it currently has a total market capitalization of about $4.8 billion, just a fraction of the $22.5 billion peak set during last year’s bull market peak.
New funding round news comes after Uniswap Labs got A non-fungible token aggregator Genie to allow users to buy and sell NFTs on various markets.
As Uniswap Labs COO Mary-Catherine Lader previously told TechCrunch,
“Our mission is to unlock universal ownership and exchange. The more we can build in the ability to exchange value, engage people in communities, and exchange value with projects, companies and organizations, It’s a powerful way to get more people involved in this ownership.”
The news of the funding round had little impact on the DEX’s native token. At the time of writing, UNI is trading at $6.39 and he is down 1.80% for the day.
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