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$4.5B Binance.US Closes $200M Seed Round
Binance.US is exploring potential M&A opportunities, chief executive said With the capital, the company also plans to double the staff for its product and technology division Binance.US, the US affiliate of cryptocurrency exchange Binance, secured $200 million in seed funding. The company achieved a pre-money valuation of $4.5 billion, according to a statement Wednesday. "On the engineering side, we already have 100 employees in our product and engineering department. With this fundraising round, we will double that by the end of the year," Binance.US Chief Executive Brian Shroder told Blockworks. Investors in the round include: VanEck, Circle Ventures, RRE Ventures, Foundation Capital, …
$4.5B Binance.US Closes $200M Seed Round
- Binance.US prüft potenzielle M&A-Möglichkeiten, sagte der Vorstandsvorsitzende
- Mit dem Kapital plant das Unternehmen auch, das Personal für seine Produkt- und Technologieabteilung zu verdoppeln
Binance.US, the US affiliate of cryptocurrency exchange Binance, secured $200 million in seed funding. The company achieved a pre-money valuation of $4.5 billion, according to a statement Wednesday.
"On the engineering side, we already have 100 employees in our product and engineering department. With this fundraising round, we will double that by the end of the year," Binance.US Chief Executive Brian Shroder told Blockworks.
Investors in the round include: VanEck, Circle Ventures, RRE Ventures, Foundation Capital, Original Capital, Gaingels and Gold House.
Binance.US, which launched in 2019, is a separate legal entity from the Binance.com cryptocurrency exchange. However, the company can still access its technology through a license agreement with its partner company.
Binance blocked US-based customers in September 2019 due to regulatory restrictions. The company later became a partner through a partnership with BAM Trading Services announced the founding of Binance.US.
Users in approved states were required to meet stricter KYC (Know Your Customer) rules to access Binance.US than previously required by Binance. This includes uploading a photo of a valid ID and providing social security numbers.
Binance.US has expanded its services to 45 states and 8 territories since 2019 - most recently Connecticut and Louisiana.
According to Shroder, the company is also "scaling [its] corporate development department" and "evaluating possible mergers and acquisitions [M&A] opportunities."
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The post Binance.US Valued at $4.5B, Closes $200M Seed Round is not financial advice.