For the first time since the inception of the Binance-tied US exchange Binance.US in 2019, the exchange held the first funding for its project at a $4.5 billion valuation. According to the trendy news on April 6, the company raised about $200 million in its seed round, significantly increasing its previous valuation. This event comes as it prepares for a public offering while considering the steps before the IPO carefully.
Binance Raises $200M in Its Seed Round
According to a tweet from the exchange, some investors were involved in the funding, including VanEck, Foundation Capital, Circlepay Ventures, Gold House, RRE Ventures, Original Capital, and more. It also expressed its excitement to forge new partnerships with more individuals globally.
Binance.US believes in a world where people have power over their money, being able to exploit it into different investments beneficial to them. The extensive appreciation of the turn up during the seed round came from pushing this vision to expand its services to users.
The crypto exchange based in the US has the support of its parent company and the largest crypto exchange in the world, Binance. So far, it hosts millions of users and most of the popular currencies in the crypto industry today. Furthermore, Binance and Binance.US still boast one of the most customer-friendly fees in the market today for trading or swapping crypto.
A New Era for Binance.US
As per a statement by Brian Schroder, the Binance.US CEO, the continuous growth of its platform to provide compliant and customer-friendly environments depend on joint efforts from customers, developers, investors, and its team. It aims at creating new products, further improving its platform’s customer service deliverance, and providing a learning environment about opportunities in the industry.
Other parties involved in the round applauded the lead the exchange was taking in the country despite several obstacles along the way. They placed Binance.US as one of the fast-developing platforms in the region, offering scalable experiences, low fees, educative material, and crypto awareness to the world.
Additionally, the efforts of Brian Schroder have not gone unnoticed, with the exchange’s partners recognizing its expansion in the US states. Currently, it is near its threshold of launching in all states, boasting 45 supported states at the moment. This year has earned the exchange two launches, in Louisiana and Connecticut.
Brian is also responsible for hiring new talent on his board, bringing together a strong team that will facilitate the expected development of Binance.US.
The Ups and Downs
It is not to say that the company has not had its fair share of troubling events before its rise to the current level. In 2019, Binance had cut off its US customers due to stringent regulations in the country concerning crypto. Furthermore, Binance.US had a back and forth with the US government in 2021.
However, the increased demand for its services in the US is apparent as the exchange goes on to get the necessary licenses to operate in different states. Meanwhile, it is strengthening its security measures to safeguard its customers’ interests.
All in all, there is more to come from the company that its CEO has not disclosed to the public, increasing the anticipation of its plans.
Source: https://crypto.news/binance-us-services-200-million-seed-round/