Uniswap may be looking to secure a new funding round

Various sources are reporting that Uniswap may be about to set up a new funding round. Apparently, the popular DEX is in talks with multiple investors including Polychain Capital.

Uniswap Labs, the main contributor in the Uniswap exchange, may be looking to raise at least $100 million in the upcoming funding round, at a valuation of approximately $1 billion. Experts believe that the new funding is a strong representation of Uniswap’s ambitions of expanding its offerings, even though the Uniswap protocol accounts for over 60% of all DEXes combined trading volume. One of the features expected to be implemented soon by the project is an NFT trading platform.

Currently, despite the broad crypto market downtrend, seen by many as crypto’s worst bear run so far, Uniswap’s UNI token has a market cap of around $5 billion. Being still in its early stages, the terms around the speculated deal may be subject to change.

The news are coming just a week after the Uniswap Foundation announced the launch of its first wave of grants adding up to almost $1.8 million distributed to 14 recipients.