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Binance.US Finishes $200M Seed Round at at $4.5B Valuation
Summary: Binance.US, the American side of the world’s largest crypto exchange by trading volume, has completed a $200 million seed round to hit a $4.5 billion valuation, according to a press release. Binance.US also took to their Twitter to announce the news. Some of the early stage venture capitalists and crypto firms included RRE Ventures, Foundation ...
Binance.US, the American side of the world’s largest crypto exchange by trading volume, has completed a $200 million seed round to hit a $4.5 billion valuation, according to a press release.
Binance.US also took to their Twitter to announce the news.
Some of the early stage venture capitalists and crypto firms included RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures and many more.
Binance.US’ mission is to bring more cryptocurrencies to more people around the U.S. They currently operate in 45 states and eight territories, which is up two states from last year: Connecticut and Louisiana.
The funding round will allow the company to further enhance their platform, develop and launch new products and spread the brand to a wider audience through educational initiatives.
“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,” Brian Shroder, Binance.US CEO said. “This funding and valuation validate the strength of Binance.US’s business today, as well as our long-term growth prospects, and will enable us to continue to make our spot trading platform the best it can be while rolling out an ambitious product roadmap.”
Binance, the parent company for Binance.US, was founded by Changpeng Zhao. It was launched in 2017 in China and later moved to the Cayman Islands. In 2019, Binance was banned in the U.S. on regulatory grounds which caused the parent company to create Binance.US, a separate exchange registered in the U.S.
The company led by Zhao, or “CZ,” offers more than 85 tokens and 190 trading pairs. According to a report, Binance facilitated 67% of all trades handled by centralized exchanges, generating a revenue of $16 billion. Given those numbers, it is not a coincidence that Forbes had Zhao as the number one crypto and blockchain billionaire in 2022.
Despite Binance.US’ valuation of $4.5 billion, it pales in comparison to FTX.US valued at $8 billion after a $400 million funding round in January. These two juggernauts will surely be jockeying for position for years to come.
Author: Tyler Irvin
Tags: Binance,Binance.US
Link: Binance.US Finishes $200M Seed Round at at $4.5B Valuation [Copy]
