Binance.US Targets Another $50M Funding amid Crypto Storm

UTC by Ibukun Ogundare · 3 min read
Binance.US Targets Another $50M Funding amid Crypto Storm
Photo: Shutterstock

Binance.US, the US arm of the Binance crypto exchange, is targeting additional funding of $50 million.

The stateside arm expects the funding to push its valuation to $4.5 billion. People familiar with the matter revealed that the additional funding would not necessarily be a Seed A round but an extension of the seed round. CEO Brian Shroder teased the upcoming funding for Biannce.US while speaking in a recent interview with Protocol. According to Shroder, the exchange will announce the financing round “in the next month or so.”

Binance.US Seeks Additional $50M Funding

Binance.US generated more than $200 million in a seed round in early April, moving the company to a pre-money valuation of $4.5 billion. The likes of Original Capital, VanEck, Circles Ventures, Foundation Capital, Gold House, and others contributed to the company’s first-ever funding round. Binance.US said the investment would enhance its expansion and launching of new products and services to US consumers. Additionally, the company said it would unveil a “suite of new products and services” in a short while. Binance.US further promises crypto education as it expands its offerings. Commenting on the initial funding, Shroder referred to Binance.US as one of the world’s most technologically advanced trading platforms. He emphasized:

“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.”

Rumors have it that Binance.US plans to go public in the next few years.

Binance.US is looking at additional funding in the midst of a crypto storm. Unfortunately, crypto investors are currently amassing losses with fears of continuous declines. Major cryptocurrencies are in the mud, with Bitcoin plunging below $20,000. The crypto winter has been affecting the global market, and it does not appear to be over anytime soon. As cryptocurrencies join the whole market slide, many crypto companies have started laying off employees.

Binance Hires While Other Crypto Companies Dismiss Staff

Coinbase, BlockFi, Crypto.com, and more have announced the reduction of headcounts. However, Binance is hiring more staff amid the massive industry layoffs. As a matter of fact, Shroder told Binance.US employees to ignore the loss of jobs noise. He boasted of the company’s strength:

“I wanted to basically set the tone that not only is everything fine for us, but we’re actually entering the crypto winter from a position of strength. There is no world in which we emerge from this crypto winter not in a stronger position, given all of the things that we have done to enter it fully resources and growing.”

Last week, Binance CEO Changpeng Zhao announced opening 2,00 new positions across Asia, South America, Africa, and The Middle East.

Business News, Cryptocurrency news, Market News, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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