Binance.US valued at $4.5 billion after $200m seed round

Binance.US has raised over $200 million in its seed round at a pre-money valuation of $4.5 billion for the US-based digital asset exchange and marketplace.

The fundraiser included the participation from a diverse group of investors, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures. ESG-focused investors Gaingels and Gold House also joined the round.

Binance.US plans to use the proceeds from the funding round to enhance its spot trading platform, develop a suite of new products and services to be introduced in the near-term, and invest in marketing and consumer education initiatives.

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Binance.US is currently available in 45 states and 8 territories

Binance.US ranks among the top exchanges by volume globally and caters to new and experienced retail and institutional traders. The interface is capable of processing 1.4 million orders per second, all while maintaining robust compliance and security structures. The US-based operation provides access to more than 85 tokens and 190 trading pairs.

The hiring of customer support staff and implementation of self-help and automation capabilities have streamlined and accelerated its institutional onboarding process and reduced the average customer wait time by 90%.

Brian Shroder, Chief Executive Officer of Binance.US, commented: “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. 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.”

Brian Shroder was appointed Chief Executive Officer in October 2021 and, since then, Binance.US has doubled its workforce headcount. Senior hires included Sidney Majalya as Chief Risk Officer, Norman Reed as General Counsel, Tammy Weinrib as Chief Compliance Officer, and Carol Mackinlay as Chief People Officer.

Binance.US is currently available in 45 states and 8 territories, having this year secured Money Transmitter Licenses in West Virginia and Wyoming.

Jason Black, General Partner at RRE Ventures, stated: “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. 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.”

Angus Davis, General Partner at Foundation Capital, added: “As the fastest-growing US exchange, with natural advantages like best execution, low fees and tremendous brand awareness, we are excited to support the Binance.US team at this inflection point in the Company’s growth and evolution. Brian is a talented leader who has built an experienced management team well suited to accelerate growth in the business while also making regulatory compliance a cornerstone of the Company’s strategy.”

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