Binance.US, the United States affiliate of the Binance exchange, has completed its first-ever seed funding round, securing $200 million in the process and bringing the company’s valuation to $4.5 billion.
Participants in the financing round include VanEck (one of the first asset managers to file for a Bitcoin exchange-traded fund), RRE Ventures, Circle Ventures, Foundation Capital, Original Capital, Gaingels and Goldhouse
With the new funds, Binance.US plans to improve its spot trading platform by adding new options and products in the near term while also providing consumer education tasks.
Brian Shroder, CEO at Binance.US believes the company has developed into a profitable company in less than 3 years after it began operations in 2019. In addition, he noted that the funding also confirms Binance.US’s strength.
To further its expansion plans, Binance.US intends to spread its services across the United States. It currently services 45 U.S States and eight territories with Connecticut and Louisiana joining the list early this year. Its services are not yet available to users in Idaho, New York, Hawaii, Texas, and Vermont.
Furthermore, the Binance offshoot continues to work closely with the state regulatory authorities to get approval to provide its services to all U.S States.
Binance.US currently offers over 65 cryptocurrencies for investors to choose from. The platform also includes a broad number of trading pairs. That is, users can trade two different cryptocurrencies without cashing out one for USD as well as the option to trade between crypto and a fiat currency. Users can automatically buy and sell crypto using its simple user interface.
The platform in February was reportedly under investigation by the U.S Securities and Exchange Commission SEC for insider trading.
In a bid to broaden its hold on the crypto sphere, the exchange platform through its venture capital arm Binance Lab in collaboration with DeFiance capital had in March 2022, successfully funded a $4.5 million seed round for the metaverse project, Ultiverse. The Ultiverse protocol is designed to expand the products and services offered on the Binance Smart Chain ecosystem as reported by cryptomarketsbeat.