OCTOBER 2, 2022 BY HENNESSY AJANG
The parent company of the foremost popular decentralized exchange within the world, Uniswap Labs, is preparing for a replacement $100 million funding round to further expand its services, TechCrunch reported on September 30th.
The news comes at an opportune time for Uniswap (UNI), which is additionally expected to be an emerging crypto-unicorn. Their recent Series A from 2020, which raised $11 million, has now been followed up by another planned funding round; it hopes to grow even more significantly than before.
Uniswap Labs hasn’t made any public announcements yet, but TechCrunch claims to possess received information about the deal from four anonymous sources.
The Company is currently seeking an equity round worth $100 million -$200 million at a rough value of $1 billion. to achieve this goal, they're discussing the small print of the investment with multiple investors, including PolyChain Capital and one in all Singapore’s Sovereign Wealth Funds.
According to TechCrunch’s report :
“The deliberations of the round haven’t reached final stages, so terms of the deal may considerably change, the sources cautioned.”
The report further states that Polychain didn't answer a call for participation for touch upon Thursday, while Uniswap Labs declined to try and do so.
Prior to this phase, Andreessen Horowitz led an $11 million Series A financing for Uniswap Labs, which also included USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital. Now, this step to hunt new funds will probably reflect ambitions to extend the scope of its services.
Uniswap (UNI) Market Watch
This year, 2022, has been rough on the bulk of cryptocurrencies in light of the prevalent fear concerning a replacement crypto winter triggered by the recent market crash.
UNI was also not spared, as may be seen from Uniswap’s historical data from CoinMarketCap, which displays how its value plummeted to its previous levels back when Crypto Winter struck earlier this year.
The token had been bouncing back ever since it reached its lowest point of $3.38 on June 14th. Between the months of July and August, it regained some steam- hovering around a gradual range of costs between $7-$9.
In addition, September saw another dip under $7.00. all-time low it arrived the month was on September 21st when it reached just over $5.18. However, data from CoinMarketCap indicates that it's subsequently recovered, with this price of $6.52 representing an 11% increase over the previous seven days.
Nevertheless, compared to its all-time high price of $44.92 on May 3rd, 2021, it's dropped 85.3%, in step with CoinGecko’s statistics.
Related Reading | Solana hits the headlines, this point for unpleasant reasons
2736 Blog posts