Breaking: Uniswap Labs is on a fundraising drive to the tune of $1 billion, $UNI Price Jumps

Decentralized Crypto exchange Uniswap which is run by Uniswap Labs, is on a fundraising drive to the tune of $1 billion in valuation. The company plans to raise $100-$200 million in the next fundraising round. Investors like Polychain and Singapore’s sovereign funds have shown interest in the venture. As soon as the news sunk in UNI price jumps over 5% in just a few hours.

Uniswap Labs Plans Raising $100-$200 Million in Next Round

Sources revealed that in the initial phase of the fund drive Uniswap Labs hopes to raise $100-$200 million at a valuation of $1 billion. The company which hosts the Uniswap decentralized crypto exchange has asked the other investors to remain anonymous until the fund raising is over. As already stated, Polychain and Singapore’s sovereign funds have expressed interest in the venture.

The terms of the deal is still not clear and there is much ambiguity since it is in its initial phase and Uniswap has not divulged details of the fundraising. However, Uniswap Labs have ambitious plans to widen its reach and add support for NFT trading on Uniswap from various marketplaces.

Uniswap Labs COO Mary-Catherine Lader told a prominent Tech Magazine, “Our 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,”

The present investors of Uniswap Labs are Venture capital companies like a16z and Paradigm. Uniswap was able to raise $11 million in the Series A funding round in August 2020.It also plans to start a Foundation which will support and help grow the decentralized Uniswap ecosystem. Uniswap has stated the Ethereum chain’s transition to PoS will help the exchange and scale Web3.