Quick take:
- Uniswap is reportedly raising $100 million to $200 million at a $1 billion valuation.
- The decentralised exchange platform is looking to expand its product offerings in web3.
- The company recently announced a new product Uniswap NFT following its acquisition of NFT aggregator platform Genie.
Uniswap is raising $100 million to $200 million in a new funding round that will value the decentralised exchange platform at $1 billion. TechCrunch cited sources familiar with the matter on Friday saying that the company is already in conversation with Polychain and one of Singapore’s sovereign funds as it seeks investors for the new round.
Uniswap is the world’s largest decentralised exchange. The web3 company uses smart contracts to support automated transactions between crypto tokens on the Ethereum network.
Smart contracts are blockchain-based programs that automatically execute an event when the preset conditions are met.
The company also offers a grant program to empower developers to build with the Uniswap Protocol. Its ecosystem supports among other web3 processes, token swapping, earning, and blockchain-based voting.
Uniswap’s pursuit of financing at unicorn status valuation comes hot on the heels of its acquisition of non-fungible token (NFT) aggregator platform Genie, in June. Accompanying the purchase press release was the announcement of a new product, Uniswap NFT, soon to be available on the Uniswap website.
Uniswap is in the process of expanding its product offering in the web3 space. With the decentralised exchange (DEX) platform accounting for approximately 64% of the total DEX transaction volume, Uniswap has built a strong foundation to power its expansion campaign.
Its native token $UNI has a market cap of nearly $5 billion amid the crypto downturn down from its all-time high of $22.57 billion reached in May last year.
The company is backed by some of the leading web3 investment companies including a16z and Paradigm.
Uniswap wants to leverage its experience and expertise in developing decentralised finance products and adopt it in segments of the crypto market, including NFTs. NFTs are digital representations of a music file, JPEG, video clip, collectible or digital artwork stored on the blockchain.
“We’re excited to bring what we’ve learned building DeFi products to NFTs, giving even more people access to digital ownership and value,” the company wrote in a press release in June.
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