An altcoin used to access decentralized exchange services continues to raise funds from major investors. As the funds collected increase, an upward movement in the price of the cryptocurrency also appears.
This altcoin receives investment from big companies
Uniswap Labs, the parent company of decentralized crypto exchange Uniswap, continues to raise funds. Finally, the company announced that it aims to raise $100-200 million with a valuation of $1 billion in its next fundraising round. This goal of Uniswap Labs is not surprising. Because the altcoin is already attracting the attention of many big investors. For example, many investors, including Polychain and Singapore’s government funds, are participating in Uniswap’s fundraising round.
According to sources, Uniswap Labs is now in the first phase of a fundraising round to raise its funds. The firm behind Uniswap DEX is targeting a valuation of $1 billion. It also aims to raise $100-200 million from the fundraiser. Polychain and Singapore’s state funds are among the investors interested in the fundraising round. Their names are not known as other investors have requested to remain anonymous until the fundraising round ends. However, some details about fundraising remain unclear.
What will Uniswap do for the further development of the ecosystem?
The terms of the deal are likely to change as the plan is still in its infancy. Uniswap chose not to disclose details about fundraising. Meanwhile, Uniswap Labs has previously hinted at ambitious plans to increase its donations. These include grand plans to enable NFT trading on Uniswap. Venture capital firms such as Paradigm and a16z are among Uniswap’s current donors. The altcoin managed to raise $11 million in its Series A funding round in August 2020.
Meanwhile, Uniswap’s company also aims to create the Uniswap Foundation, which will support the growth of the ecosystem. If that happens, things will go more smoothly as there will be a foundation behind the project. However, Uniswap has previously revealed that the Ethereum network also benefits from the PoS transition. According to them, the transition of Ether to PoS will help Web3 exchange and scaling.
UNI price is on the rise
UNI price spiked after Uniswap’s fundraising announcement reached investors. Accordingly, the leading DeFi altcoin has gained over 5% in the last 24 hours. UNI price climbed as high as $6.66 today before pulling back slightly. cryptocoin.com As we reported, UNI is trading at $ 6.48, up 3% in the last 24 hours. Meanwhile, Uniswap market cap increased by $4.93 billion, with trading volume only 5% higher.
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