Uniswap Labs, creators of the Uniswap Protocol, is reportedly eyeing a fundraise of between $100 million and $200 million at a $1 billion valuation.
It is in the early stages of putting together the round, according to a report in Tech Crunch, citing four people familiar with the matter.
Polychain and one of Singapore's sovereign wealth funds are said to be involved, though terms of the deal may change as discussions progress, the report added.
Uniswap declined to comment.
Uniswap is the largest decentralized exchange (DEX) in the crypto space. The platform accounts for almost two-thirds of the entire DEX market volume, based on figures from The Block’s Data Dashboard.
The Uniswap DAO also holds the biggest treasury of any decentralized autonomous organization in the crypto space, with $2.7 billion in its reserves, according to DeepDAO.
Last month the organization said it would create the Uniswap Foundation, an entity tasked with growing the decentralized crypto exchange’s ecosystem. Its first round of grants in September totaled $1.8 million.
Update: This story has been updated to reflect that Uniswap declined to comment.
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