Binance.US has raised over $200 million in its seed funding round, raising the company’s valuation to $4.5 billion. This is the first time the company has taken external investor capital and no valuation has been shared publicly before.
Investors who took part in the funding round include RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures, Gaingels, and Gold House.
The raise will also help the company build out its headcount, which has doubled to more than 350, bolster its marketing budget, and iterate on new products that have become popular such as decentralized finance/lending (DeFi), offering an NFT shop, providing staking services that let investors earn passive income akin to interest payments on certain holdings.
As part of the raise, Binance.US will be adding two additional members of its three person board. One will be brought on to represent the seed investors and the other will be an independent.
CEO Brian Shroder says the company is further targeting an Initial Public Offering (IPO) in two to three years from April 6.
The crypto-focused firm launched in 2019 as a separate legal entity from the well known Binance.com, which is one of largest cryptocurrency exchanges in the world.
According to data on CoinMarketCap., Binance.US is one of the largest digital asset exchanges by trading volume in the US with a 24-hour trading volume of $306 million.