Key takeaways:
- Binance.US has concluded the seed round and raised over $200 million from prominent investors
- The $200M+ haul has elevated the company’s valuation to $4.5 billion
- Binance.US plans to use the funds to enhance its trading platform and launch new features
Binance.US intends to spend new capital on marketing outreach, new products and services
The US arm of the international Binance cryptocurrency exchange has raised $200 million during the company’s first financing round. The seed round saw participation from a number of prominent cryptocurrency-focused investors, including RRE Ventures, Foundation Capital, Original Capital, and VanEck, the company said on Wednesday.
Binance.US CEO Brian Shroder commented on the recently concluded seed round:
“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.”
According to a blog post, Binance.US plans to funnel the newly acquired capital towards trading platform optimization, the launch of new products and services, and educating the broader public about crypto and blockchain technology in general.
Earlier this year, another US-facing cryptocurrency exchange and a direct competitor to Binance’s offering, FTX.US, raised $400 million during its Series A financing round. The increased institutional interest in US-based trading platforms comes at a time when the US is inching closer to regulating digital money.
Binance.US is a top 20 crypto exchange in terms of trading activity, regularly facilitating over $300 million in daily spot trading volume, according to data curated by CoinCodex.
