U.S.› Binance › Coinbase › Exchanges
The US arm of Binance has just received $200 million in seed funding from top US venture capital firms valuing it at $4.5B
2 min read
Updated: April 6, 2022 at 10:40 pm
Cover art/illustration via CryptoSlate
The US arm of the world’s largest crypto Exchange, Binance, secured $200 million in funding at a pre-money valuation of $4.5 billion. Binance.US launched in 2019 and is operated by BAM Trading services through a licensing agreement with Binance. Binance.com ceased servicing US customers before the launch of Binance.US, citing KYC requirements and regulatory uncertainty in their justification for the move.
Binance.US is just outside the top 10 exchanges by trading volume globally despite being US-focused and listing only 88 coins and tokens. It has a 24hr spot trading volume of $435 million compared to Binance.com which has a volume of $26 billion. Further, futures trading is not available on Binance.US. Futures trading volume on Binance.com comes to an additional $78 billion every day. Regulatory issues limit the ability of Binance.US to offer crypto derivatives. Should this change in the future, it would open up a large market for new products and services. RRE Ventures, Foundation Capital, Original Capital, VanEck and Circle Ventures are all said to have invested in the company’s first external round of funding. Funds are earmarked to “invest in its spot trading platform and toward the development of new products and services.” Given the specific choice of words, it seems that US investors’ hopes of being able to trade crypto futures like many Binance.com users will be put on hold. An IPO may well be on the cards for the US exchange; as CEO Brian Shroder stated,
“I personally feel that there is value in going through the process of going IPO because it requires a lot of regulatory discussions and those are things we welcome and are excited about,”
The $4.5 billion valuation may seem like a bargain for early investors as Coinbase, which went public in 2021, is worth $38 billion. However, Coinbase currently has ten times more trading volume than Binance.US, which may be reflected in the valuation. In addition, Binance’s trading fees are much lower than its competitor’s, which may help it attract new customers as the company is further legitimized through US-based investment.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
BISSELL® Steam Shot™ OmniReach Handheld Steam Cleaner, New 2024 Model
$49.99 (as of December 24, 2024 19:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Trump Christmas Ornament 2024, Trump Ornament 2024, US Presidential Election 2024 Map Ornament, Trump Ornament, Trump Red Wave, Donald Trump Christmas Ornament, MAGA Ornament, Trump Merchandise
$7.99 (as of December 24, 2024 19:05 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple iPhone 13, 128GB, (PRODUCT)RED - AT&T (Renewed)
$309.95 (as of December 24, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire TV Stick HD (newest model), free and live TV, Alexa Voice Remote, smart home controls, HD streaming
$19.99 (as of December 24, 2024 19:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
