Binance.US today announced the close of its first-ever funding round, with support from a diverse group of investors.
Binance.US is proud to announce that we have raised more than $200 million in our seed round at a $4.5 billion valuation. Our first funding round was joined by RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, among others, including support from diversity, equity, and inclusion-focused firms like Gaingels and Gold House.
The round marks an important moment for Binance.US as we continue our mission to empower people to do more with their money. This year, we expanded our cryptocurrency offerings while continuing to offer some of the lowest fees on the market when it comes to buying, selling, and converting crypto — for both retail customers and institutional traders alike. At the time of writing, we support 85+ cryptocurrencies and 190+ trading pairs, including some of the world’s most popular digital assets.
The close of our seed round is an opportunity for us to bring crypto to even more people across the U.S. We’ll continue to focus on the following opportunities:
- Further enhancing our industry-leading trading platform.
- Developing and launching a suite of new products and services, to be announced in the short term.
- Sharing the Binance.US brand more widely along with educational initiatives to bridge the knowledge gap.
Brian Shroder, Chief Executive Officer of Binance.US, shared, “In under three years, Binance.US has grown into a profitable business that is not only one of the largest and most technologically advanced digital asset exchanges in the United States, but in the world. From this position of strength, and with an eye toward continuing our rapid ascent alongside the ascent of the crypto industry at large, we are pleased to close our first financing round. 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.”
“Importantly, we are grateful for the support from a leading group of investors, including firms that prioritize DEI initiatives which are core to Binance.US’s values,” Mr. Shroder continued. “Together with our investors, customers, regulators, and employees, we look forward to building the most customer-centric and compliant digital asset platform in the country.”
In his time with Binance.US, Brian Shroder has continued to bring on senior executive talent, including Sidney Majalya as Chief Risk Officer, Norman Reed as General Counsel, Tammy Weinrib as Chief Compliance Officer, and Carol Mackinlay as Chief People Officer. During a year of accelerating growth, Brian’s customer-centric approach and investment in customer service and technology has accelerated the institutional onboarding process while reducing average customer wait times by 90%.
“As the fastest-growing U.S. exchange, with natural advantages like best execution, low fees and tremendous brand awareness, we are excited to support the Binance.US team at this inflection point in the Company’s growth and evolution,” said Angus Davis, General Partner at Foundation Capital. “Brian is a talented leader who has built an experienced management team well suited to accelerate growth in the business while also making regulatory compliance a cornerstone of the Company’s strategy.”
In order to connect more customers with crypto, we’ve launched in two new states in 2022 alone, with Connecticut and Louisiana bringing the total number of supported states and territories to 45 and eight, respectively. In the last few months, we also announced the receipt of Money Transmitter Licenses in West Virginia and Wyoming to further our commitment to compliance.
“Binance.US’s ability to offer its customers a superior trading experience at a lower cost is a structural advantage that sets it apart from the competition and positions the Company to continue to gain market share,” said Jason Black, General Partner at RRE Ventures. “By leveraging its best-in-class, highly scalable technology, Binance.US has an exceptional opportunity to serve as the platform of choice for individuals and institutions seeking exposure to digital assets.”
“Circle Ventures is excited to invest in Binance.US,” said Jeremy Fox-Geen, Chief Financial Officer at Circle. “We are committed to helping create a robust and competitive digital assets ecosystem.”
As part of Binance.US’ commitment to realizing an inclusive vision for crypto, our first financing round also includes support from diversity, equity, and inclusion (DEI) focused firms Gaingels and Gold House.
Lorenzo Thione, Managing Director at Gaingels, shared, "As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQIA+, Gaingels is proud of participating in this financing and is resolved on helping the company grow and scale while strengthening its prospects of success by building a culture that reflect the diversity of its executive teams, staff, and customers."
"Web3 isn't just a new online platform, but also a new way to think of the norms around diversity and inclusion online. We're honored to partner with Binance.US, a pioneer in both blockchain technology and Asian and Pacific Islander leadership, to introduce millions of diverse people in the US – including APIs – to the potential of Web3." said Eric Feng, Co-Founder and General Partner of Gold House Ventures.
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Binance.US reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.