the world’s largest cryptocurrency exchange led by billionaire Changpeng Zhao has raised a seed round of $200 million
has raised a seed round of $200 million. Although the company launched in 2019, this is the firm’s first external financing, and it gives the 2.5 year old company unicorn status with a $4.5 billion valuation.
Binance.US offers spot trading pairs against 72 crypto assets, as well as an OTC desk and other institutional based services such as trading APIs. It has licenses to operate in 45 states with plans to be available to the entire country by the end of the year.The funds come at an opportune time for the firm, as the venture capital industry remains extremely frothy for crypto companies despite the market’s sluggish start to the year.
“The question that we're posing to ourselves is how we can do something better, faster, cheaper and with improved customer experience, because I am not interested in just offering a follow-on service. When we launch something we're going to do it because we want to be the winners.” Additionally, newer firms like Crypto.com and FTX.US, the U.S. affiliate of FTX.com, the Bahamian-based exchange led by fellow crypto billionaire Sam Bankman-Fried are earning mindshare and building a trading base through massive nine-figure sponsorship deals. In November, Crypto.com paid $700 million for the naming rights to the building formerly known as the Staples Center and FTX has signed up celebrity endorsers such as Tom Brady, Stephen Curry, David Ortiz, Naomi Osaka, and Kevin O’Leary.
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