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Binance US Raises Over $200 Million at a $4.5 Billion

Binance  After months of searching, Binance US, the American affiliate of the global crypto exchange Binance, has concluded its first investment round. The company raised over $200 million in a seed round at a pre-money valuation of $4.5 billion. RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures, Gaingels, and Gold House were among the investors. The round did not have a lead investor.

Binance US CEO Changpeng Zhao announced in August that the company aimed to close funds from “reputable investors” over the next seven months. Brian Brooks, the then-CEO of Binance US, quit the exchange barely three months after arriving, purportedly due to a failed $100 million fundraising attempt.

Binance US plans to expand its product and service offerings now that it has new cash. A spokesman for declined to comment on particular offers but said the exchange is looking into launching several new services either organically or through intelligent mergers and acquisitions. It plans to provide some of these services shortly.

Binance. Retail and institutional clients in the United States can now trade cryptocurrency spots. The exchange debuted in 2019 and is now available in 45 states and eight territories across the United States. It intends to offer its services in all 50 states and territories of the United States.In terms of trading volume, Binance US lags behind its competitor Coinbase. According to The Block’s Data Dashboard, the exchange saw a trading volume of over $9 billion last month, compared to Coinbase’s over $81 billion.

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