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IPO ready: Crypto exchange Binance.US raises $200M at $4.5B valuation

binance-us-funding

Binance.US, the American franchise of Binance.com, the world’s largest cryptocurrency exchange, led by billionaire Changpeng Zhao has recently announced to have raised a seed round of $200 million.

The funding round was joined by RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, among others, including support from diversity, equity, and inclusion-focused firms like Gaingels and Gold House.

Launched in 2019, this is Binance.US’ first external funding round, and the crypto startup has now entered unicorn club with a valuation of $4.5 billion.

Brian Shroder, Chief Executive Officer of Binance.US, shared, “In under three years, Binance.US has grown into a profitable business that is not only one of the largest and most technologically advanced digital asset exchanges in the United States, but in the world. From this position of strength, and with an eye toward continuing our rapid ascent alongside the ascent of the crypto industry at large, we are pleased to close our first financing 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.”
“Importantly, we are grateful for the support from a leading group of investors, including firms that prioritize DEI initiatives which are core to Binance.US’s values,” Mr. Shroder continued. “Together with our investors, customers, regulators, and employees, we look forward to building the most customer-centric and compliant digital asset platform in the country.”

The crypto firm support 85+ cryptocurrencies and 190+ trading pairs, including some of the world’s most popular digital assets. The close of our seed round will allow Binance.US to further enhance their platform by developing and launching a suite of new products and services.

“Binance.US’s ability to offer its customers a superior trading experience at a lower cost is a structural advantage that sets it apart from the competition and positions the Company to continue to gain market share,” said Jason Black, General Partner at RRE Ventures. “By leveraging its best-in-class, highly scalable technology, Binance.US has an exceptional opportunity to serve as the platform of choice for individuals and institutions seeking exposure to digital assets.”

“Circle Ventures is excited to invest in Binance.US,” said Jeremy Fox-Geen, Chief Financial Officer at Circle. “We are committed to helping create a robust and competitive digital assets ecosystem.”

With a headcount of more than 350 currently, the Coinbase competitor will be also using the funds to accelerate hiring, bolster its marketing budget, and iterate on new products that have become popular such as decentralized finance/lending (DeFi), offering an NFT shop, providing staking services that let investors earn passive income akin to interest payments on certain holdings.

Lorenzo Thione, Managing Director at Gaingels, shared, “As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQIA+, Gaingels is proud of participating in this financing and is resolved on helping the company grow and scale while strengthening its prospects of success by building a culture that reflect the diversity of its executive teams, staff, and customers.”

“Web3 isn’t just a new online platform, but also a new way to think of the norms around diversity and inclusion online. We’re honored to partner with Binance.US, a pioneer in both blockchain technology and Asian and Pacific Islander leadership, to introduce millions of diverse people in the US – including APIs – to the potential of Web3.” said Eric Feng, Co-Founder and General Partner of Gold House Ventures.

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