Binance.US, the American arm of the world’s largest crypto exchange by volume, received funding from early-stage venture capitalists and crypto-native firms, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, as the company operates as a separate legal entity than its global counterpart Binance
• Binance.US is planning for an IPO in two to three years
• Funding will be used to invest in spot trading platform and develop new products and services
Crypto exchange Binance.US on Wednesday said it had raised over $200 million in a seed funding round at a pre-money valuation of $4.5 billion, as the company is looking to list itself in two to three years.
Binance.US, the American arm of the world’s largest crypto exchange by volume, received funding from early-stage venture capitalists and crypto-native firms, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, as the company operates as a separate legal entity than its global counterpart Binance.
The funding round is the first time Binance.US has taken external investor capital, and no valuation has been shared publicly before, CEO Brian Shroder told TechCrunch.
“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,” he told the news outlet.
In a press release, Shroder said Binance.US has grown into a profitable business after launching in 2019.
Binance.US said the funds would be used to invest in its spot trading platform and develop new products and services.
The decision to operate in Russia, which differed from mainstream finance firms, had irked the Ukrainian government.