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Binance.US racks up over $200m seed

Binance.US, a digital asset exchange, has raised over $200 million in seed funding.

Binance.US, a digital asset exchange, has raised over $200 million in seed funding. The backers include RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures.

PRESS RELEASE

SAN FRANCISCO, April 6, 2022 – Binance.US (“Binance.US” or the “Company”), a leading United States-based digital asset exchange and marketplace, today announced it has raised over $200 million in its seed round at a pre-money valuation of $4.5 billion. The Company’s first external funding included participation from a diverse group of investors, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, among others. Mission driven firms focused on diversity, equity, and inclusion, such as Gaingels and Gold House, also joined the round.

Launched in 2019, Binance.US is one of the largest digital asset exchanges by trading volume in the United States and ranks among the top exchanges by volume globally, offering some of the lowest fees on the market for new and experienced retail and institutional traders alike. Binance.US offers a sophisticated user interface and innovative trading features, with the ability to process 1.4 million orders per second, all while maintaining robust compliance and security structures. Today, there are more than 85 tokens and 190 trading pairs available on Binance.US.

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.

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

Since the appointment of Mr. Shroder as Chief Executive Officer of the Company in October 2021, Binance.US has doubled its workforce headcount and has bolstered its leadership team with several senior hires, including Sidney Majalya as Chief Risk Officer, Norman Reed as General Counsel, Tammy Weinrib as Chief Compliance Officer, and Carol Mackinlay as Chief People Officer.

The Company has invested heavily in customer service and technology to create a seamless user experience, both in the hiring of customer support staff and in implementing self-help and automation capabilities to the platform. This has streamlined and accelerated its institutional onboarding process and reduced the average customer wait time by 90%.