Binance.US Raises $200 Million To Take Its Valuation To $4.5 Billion

Crypto platform Binance.US has completed its first-ever funding round as it raised $200 million to continue its product and operational expansion. Following the funding round, the platform is now valued at $4.5 billion.

Several notable venture capital investors participated in the round. These include Circle Ventures, VanEck, Original Capital, Foundation Capital, and RRE Ventures.

Binance.US To Develop New Products And Services

Binance.US says the additional capital infusion will be used to develop new products and services. The company says some of the products will be announced soon. It also wants to start “educational initiatives to bridge the knowledge gap”. Presently, the exchange offers more than 190 trading pairs and over 85 crypto assets for trading.

Binance.US has also rolled out its operations in two new states – Louisiana and Connecticut. This means the company now supports 45 states and 8 territories

It has also been planning to expand into other states after securing Money Transmitter Licenses in Wyoming and Virginia.

The fund is coming at an opportune time for Binance.US, as the venture capital industry keeps growing despite a slow start to the year for crypto companies.

Binance.US Wants To Provide a Better And Cheaper Service

Despite a good recovery period in March, the crypto market capitalization still lost more than $100 million this year. At the same time, the market is still bubbling for venture capitalists, with Paradigm raising $2.5 billion a few months ago. Andreessen Horowitz has allegedly closed an impressive $4.5 billion funding round while Huan Ventures recently completed a $1 billion funding round, the first time it has raised funds.

Chief Executive Officer of Binance.US, Brian Shroder, stated that the firm is looking at various opportunities. But the company is treading carefully to make sure that it provides a best-in-class service. Shroder added that the firm is looking at how to do something cheaper, better, and faster. When we launch something we’re going to do it because we want to be the winners,” he stated, adding that the firm competes with other service providers.