Decentralized crypto exchange UniSwap (UNI) is reportedly looking to raise between $100 million and $200 million to achieve unicorn status.
Uniswap is an open-source software that brings together a set of computer programs that run on the Ethereum blockchain. It allows the exchange of decentralized tokens. This software works thanks to “unicorns” which convert the tokens.
In just a few years, Uniswap has managed to establish itself as a benchmark in the DEX community by generating over $1 billion in transaction volume daily.
We are now in october 2022 and Uniswap Labs is preparing a new funding round that will propel its valuation to $1 billion. The news is from people close to the matter quoted by TechCrunch on Friday.
By raising $100 million to $200 million, the largest exchange in decentralized finance DeFi hopes to cement its place as the leader in DEX. It also aims to accelerate its growth even faster within a crypto sector that is attracting investors in droves.
Earlier this year, Uniswap Labs opened an investment arm aimed at backing Web3 projects. The startup also acquired Genie, a platform for buying NFTs on various marketplaces.
It should be noted that UniSwap also has its UNI token which has a capitalization of $5 billion with a UNI price currently around $6.60 on Binance.