Uniswap Labs, creators of the Uniswap Protocol, is reportedly eyeing a fundraise of between $100 million and $200 million at a $1 billion valuation.
It is in the early stages of putting together the round, according to a report in Tech Crunch, citing four people familiar with the matter.
Polychain and one of Singapore’s sovereign wealth funds are said to be involved, though terms of the deal may change as discussions progress, the report added.
The Block asked Uniswap for comment but had not heard back before publication.
Uniswap is the largest decentralized exchange (DEX) in the crypto space. The platform accounts for almost two-thirds of the entire DEX market volume, based on figures from The Block’s Data Dashboard.
The Uniswap DAO also holds the biggest treasury of any decentralized autonomous organization in the crypto space, with $2.7 billion in its reserves, according to DeepDAO.
Last month the organization said it would create the Uniswap Foundation, an entity tasked with growing the decentralized crypto exchange’s ecosystem. Its first round of grants in September totaled $1.8 million.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Lucy is the NFT, gaming and metaverse editor at The Block. Prior to joining, she worked as a freelancer, with bylines in Wired, Newsweek and The Wall Street Journal, among other publications.
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