Updated · May 20, 2022
Binance.US Raises Over $200 Million in Seed Round
Updated · Apr 07, 2022
The spinoff company’s valuation currently stands at $4.5 billion.
$4.5B Valuation in 2.5 Years
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
- 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.”
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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