Binance.US Raises Over $200 Million in Seed Round

The spinoff company’s valuation currently stands at $4.5 billion.

$4.5B Valuation in 2.5 Years

Binance.US is the American arm of Binance, the world’s largest cryptocurrency exchange and operates as a separate entity. Launched in 2019, this is the company’s first-ever capital raise. 

It has now raised more than $200 million in a seed round, valuing it at $4.5 billion. 

The funding round attracted a lineup of top venture capital firms. They include:

• RRE Ventures 
• Foundation Capital 
• Original Capital 
• VanEck 
• Circle Ventures 

Diversity, equity, and inclusion-focused firms like Gaingels and Gold House gave support to the round.

CEO Brian Shroder expressed his pride, saying that Binance.US has grown into becoming one of the largest exchanges in the world in under three years. Shroder hopes the funding will be instrumental in helping the company meet future objectives.

“This funding and valuation validate the strength of Binance.US’s business today, as well as our long-term growth prospects,” he said, “and will enable us to continue to make our spot trading platform the best it can be while rolling out an ambitious product roadmap.”

Shroder told TechCrunch that Binance.US is targeting an initial public offer (IPO) within three years.

“I personally feel that there is value in going through the process of going IPO because it requires a lot of regulatory discussions and those are things we welcome and are excited about.”

Aiming to Beat Out Competition

Binance.US currently operates in 45 US states and eight territories. The company aims to establish a presence in all fifty states by the end of the year.

Shroder says that Binance.US aims to get ahead of its rivals, especially Coinbase, the biggest exchange in the country.

“Coinbase has an eight-year head start on us, and so we are quite pleased with the traction that we have gotten in the last two years alone,” he said to Fortune. “I think that this round will help us accelerate it.”