UNISWAP Labs plans to raise money at a valuation of $1 billion

The parent firm of the decentralised cryptocurrency exchange Uniswap, Uniswap Labs, expects to raise $100 to $200 million with a $1 billion valuation in the upcoming funding round.

In the financing round of Uniswap, a number of investors have expressed interest, including Polychain and Singapore's sovereign funds. The UNI price increases by nearly 5% in just a few hours following the announcement.

Uniswap Labs intends to raise $100 to $200 million in the following round.

Uniswap Labs is reportedly in the preliminary stages of a fresh financing round to expand its capabilities. The startup behind the decentralised cryptocurrency exchange Uniswap intends to raise $100 to $200 million at a $1 billion valuation.

Investors interested in the fundraising round are reportedly Polychain and Singapore's sovereign funds. In order to participate in the fundraising round, some investors have asked to remain unidentified. Furthermore, as the proposal is still in its formative stages, the conditions of the agreement may alter. Details of the fundraiser have not been disclosed by Uniswap. However, Uniswap Labs has already made clues about ambitious ambitions to increase its capabilities, like support for NFT trading on Uniswap from different marketplaces.

Uniswap Labs currently has venture capital firms like a16z and Paradigm as investors. In August 2020, the company completed its Series A investment round, raising $11 million.

"Unlocking universal ownership and exchange is our goal. In an interview with TechCrunch, Uniswap Labs COO Mary-Catherine Lader said: "If you can incorporate the capacity to swap value and have individuals join the community and trade value with your project, your company, or your organization—a that's strong approach to empower more people to engage in this ownership.

In addition, Uniswap Labs wants to establish the Uniswap Foundation to help the decentralised Uniswap ecosystem develop. The switch to PoS on the Ethereum chain, according to Uniswap, will let the exchange scale web3.

UNI Price Increases

Following traders' discovery of Uniswap's fundraising, the price of UNI increases by more than 5%. Prior to a minor pullback, the UNI price reached a high of $6.66. The price has increased by over 3% to $6.48 right now.

The market capitalization of Uniswap is $4.90 billion, while trading volume is only up 4.5%.