Uniswap Labs, the development team behind the DeFi exchange Uniswap, is reportedly in talks for fresh funding. According to new reports, Uniswap Labs may be on the way to becoming the next crypto unicorn.
According to TechCrunch, the round might total between $100 million and $200 million, with Polychain and a Singapore-based sovereign investment fund involved. The transaction would value Uniswap at $1 billion.
The news was not addressed by Uniswap Labs.
Heavy hitters like a16z, USV, Paradigm, and even Coinbase have invested in Uniswap Labs in the past. In a Series A funding round, the project received $11 million in 2020.
By volume exchanged and total value locked, Uniswap is the biggest decentralized exchange for cryptocurrencies (TVL). One of crypto's preferred, albeit problematic, metrics to gauge how much money is flowing via a certain system is the TVL.
The exchange hosted over $1 billion in volume traded, and it currently commands a TVL of over $5, according to statistics dashboard DeFi Llama.
However, Uniswap did succeed in outperforming Coinbase Pro, the company's professional service, in terms of volume exchanged in December 2020.
The development team could be able to make these victories far more frequent in the future with the help of fresh funds.
The development team behind the DeFi exchange Uniswap, Uniswap Labs, is allegedly in negotiations for further funding. Uniswap Labs might be headed toward becoming the next crypto unicorn, according to recent reports.
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