Binance.US, the US subsidiary of the Binance exchange, has raised $200 million in a seed funding round, giving the company a pre-money valuation of $4.5 billion.
According to the company, the new capital will be used to improve the technological capabilities of its spot trading platform, develop a suite of new products and services to be introduced in the near future, and invest in marketing and consumer education initiatives.
Binance has completed its funding round. For the first time, the United States saw participation from outside investors. Among those who have backed the company are RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures. Gaingels and Gold House, two mission-driven firms focused on diversity, equity, and inclusion, also participated in the round.
The fact that the funding round is taking place under Shroder’s supervision demonstrates the company’s willingness to engage local and foreign investors with significant stakes in the industry.
“Binance.US has grown into a profitable business that is not only one of the largest and most technologically advanced digital asset exchanges in the United States, but in the world,” Shroder said in a statement.
“From this position of strength, and with an eye toward continuing our rapid ascent alongside the ascent of the crypto industry at large, we are pleased to close our first financing round.” This funding and valuation validate the strength of Binance.US today as well as our long-term growth prospects, and will allow us to continue to improve our spot trading platform while launching an ambitious product roadmap.”
Binance.US is the most well-known entity of the larger Binance brand, and it is an expression of the company’s grand plans to win the favour of American market regulators. Since its inception, the exchange has made a number of appointments, including Brian Brooks, the former Comptroller of the Currency, who left the firm after a brief stint before Brian Shroder took over as CEO.
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