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Tuesday, December 6, 2022

Uniswap Labs Has Been Looking At New Avenues For Funding

Uniswap Labs, one of the largest decentralized exchanges in the country, is currently in one of its earliest stages of bringing in added funds that would help the company expand on its offerings of Decentralized Finance. This was mentioned in a recent report.

The De-Fi startup has always been contributing to the Uniswap Protocol and has subsequently been engaging with quite a large number of potential investors that would see the equity being raised to a sum of $200 million after it was set previously at $100 million- something TechCrunch touched upon on the 30th of September. The startup has been working hard with several investors like Polychain- and one of the sovereign funds from Singapore as a vital part of the upcoming round of funding. 

Uniswap Labs Looking For Funding That Would Help In Their Expansion

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This new funding would be aimed toward bringing in more tools of DeFi and offerings of NFTs to the Uniswap Protocol from the Uniswap Labs. The daily trading volumes for the decentralized exchange currently amount to a sum of $1.1 billion, about 57% of the total trading of global DEXs- as mentioned by data from DefiLlama. On the other hand, the second largest decentralized exchange, Curve, has just about $205 million in daily volumes.

The Chief Operating Officer of Uniswap, Mary-Catherine Lader, reported that the DEX’s mission was to unlock a universal exchange and ownership protocol. They would also be looking toward embedding the ability to swap the value of the product and get more people to join the community. 

Interestingly, Uniswap Labs hasn’t publicly accepted or denied any of the reports of the startup’s plans to get some form of funding. As previously reported by Cointelegraph, the Dex has been in multiple talks with several lending protocols of NFT- which does target the ambitious plans put in place to tackle liquidity issues.

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