Cryptocurrency

Uniswap Labs rumored to be raising $100M in funding at a $1B valuation

Zegex

TechCrunch has released information indicating that Uniswap Labs, the parent company of Uniswap DEX, is preparing a new $100 million funding round to expand its offering.

“Uniswap Labs is in the early stages of putting together a new round…as the parent company of the popular eponymous decentralized protocol is poised to expand its offering.”

The tech news outlet could not cite sources, but claimed that “four sources familiar with the matter” confirmed the report.Twitter’s Watcher Guru also said the round valued the company at $1 billion. I’m assuming it’s likely.

Ethereum founder Vitalik Buterin also commented on the strengths of the Uniswap platform, arguing that its value proposition allows transactions to be completed in 30 seconds. Comments were made on posts promoting the upcoming popularity of app chains and the “necessity of UNIchain”.

Uniswap Labs has not yet publicly commented on the matter.

UNI token is up 2.3% the day after the news, after gaining 7.5% in early morning trading. The token is down 66% year-to-date, but has only fallen 9% against Bitcoin over the same period.

Uniswap USD
Source: Cryptoslate

CryptoSlate has reached out to the Uniswap team for comment, but has not yet responded.

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