Binance.US has accrued a front-money value of $4.5B and expanded its services to all states in America. This event is the first time Binance.US, the United States affiliate of Binance, the most prominent global crypto exchange platform by trading volume, has raised money from outside investors.
Binance.US, over 200 million in a funding round, informed Cointelegraph on Wednesday 6th of April that the money is worth a reported 4.5 billion dollars before any investments have even undergone completion.
The investment in Binance.US by Circle Ventures is a source of great excitement for the firm. Additionally, VanEck, one of the first asset managers based in the United States to file for a Bitcoin exchange-traded fund, was a participant in the investment round. Other investors included venture capital firms such as RRE Ventures, Foundation Capital, Original Capital, and companies committed to diversity, equity, and inclusion, such as Gaingels and Gold House.
Investors will use the freshly raised money to assist Binance.US in expanding its spot trading platform with new features and products as quickly as possible. They would also be launching additional consumer education initiatives. a spokesman for Binance.US told Cointelegraph that the company is “trying out a wide range of new products and services, whether organically or through smart M&A.” “We hope to bring some of these to market in the near-term,” the spokesperson added.
The fresh capital also serves to underline the robustness of Binance.US, according to the company’s CEO, Brian Shroder. The CEO noted that Binance.US has evolved into a profitable business in less than three years since it opened its doors in 2019.
Shroder remarked that the company was thrilled to finish its first fundraising round “from a position of strength and to continue our quick ascension alongside the rising of the crypto sector at large.”
Based on the information available, Binance.US has plans to expand its operations throughout the United States of America as part of its expansion objectives. The corporation currently operates in forty-five states and eight territories across the United States and has expanded into Connecticut and Louisiana. Binance.US also obtained a Money Transmitter License in West Virginia in January 2022 and the second license in Wyoming in March, bringing its total number of money transmitter licenses to nine.
Official public information published by Binance.US indicates that the platform is currently unavailable to users located in the United States of America’s states of Hawaii, Idaho, New York, Texas, and Vermont.
A spokeswoman from Binance.US said, “Binance.US continues to work closely with the remaining state regulatory bodies to acquire permits so that it can offer its services across all of the United States of America.”
As previously reported, Binance.US initially planned to open in all 50 United States of America states by 2021. In response to Cointelegraph’s request for comment, the company did not answer right away.