SG Sovereign Fund Not Deterred By MAS, Backs Uniswap Labs

SG Sovereign Fund Not Deterred By MAS, Backs Uniswap Labs
3 October 2022

MAS may be tightening its grip on crypto, but not even state-backed funds are being deterred from the rabbit hole.

Uniswap Labs – the development team behind Uniswap Protocol – is reportedly set to raise a VC round of US$100 million to US$200 million. Uniswap Protocol is one of the largest DeFi exchanges and has a market share of 47.2%.

Hayden Adams, the creator of the Uniswap Interface, is in talks with an undisclosed Singapore soverign fund and crypto investment firm Polychain.

Uniswap Labs was valued at US$1 billion and had raised an $11 million Series A round led by Andreessen Horowitz, with participants including Paradigm Venture Capital, Union Square Ventures and ParaFi.

The announcement triggered a jump of over 10% in the price of Uniswap’s token UNI, which currently sits at US$6.31.

Read more: DBS Extends Crypto Trading From Corporate Investors to “Wealth” Clients

Both state-backed enterprises Temasek and GIC have histories of investing in crypto-related projects. Earlier this year Temasek invested in Amber Group and Animoca Brands, whilst GIC recently led Chainalysis’ US$170 million Series F round.

Whichever sovereign fund is revealed to be the powerhouse behind Uniswap Labs, it seems that Singapore’s message surrounding crypto is muddled. Even DBS has extended its crypto trading platform to “wealth” clients, despite MAS’s efforts to discourage retail investors.

Read more: F1 Has 920M Global Viewership – Is MAS’ Ban on Trackside Ads Futile?

In terms of advertising, MAS’s message again is inconsistent. During this weekend’s F1 Night Race in Singapore, crypto firms were banned from displaying adverts on the trackside but not from livery, merchandise or clothing.

The crypto industry clearly continues to offer enormous opportunities for wealth building and even Singapore state backed funds can’t resist attending the party.

Blockhead Team
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