April 7, 2022
By Sharan Kaur Phillora
Binance.US raised over $200 million in its first external funding round, putting its pre-money valuation at $4.5 billion as it builds out a roadmap for an initial public offering (IPO).
Here’s what we know:
The company is targeting an IPO in two to three years from April 6, CEO Brian Shroder said. This is the first time Binance.US has taken external investor capital, and no valuation has been shared publicly before, he added.
Investors include RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures. The company also brought in firms explicitly focused on diversity and inclusion such as Gaingels and Gold House as part of an effort to further crypto’s goals of equality and financial opportunity for all.
Binance said it will use the funds to invest in its spot trading platform and toward the development of new products and services.
The crypto-focused firm launched in 2019 as a separate legal entity from the well-known Binance.com, which is one of the largest cryptocurrency exchanges in the world.
Shroder further said, “Every dollar raised will be plowed back into the business in a variety of ways”. “Today, we are a fairly simple business, a spot trading platform, but we want to be so much more. If you look at our bigger brother Binance.com, you’ll see a plethora of products and services they offer.”
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
