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Binance.US Targeting $50M Follow-On Raise at $4.5B Valuation

The U.S. arm of the crypto exchange giant is looking to raise additional funds after closing a $200 million seed round in April.

By Tracy Wang
Updated May 11, 2023, 6:52 p.m. Published Jun 21, 2022, 7:29 p.m.
Binance.US CEO Brian Shroder (Steven Ferdman/Getty Images)
Binance.US CEO Brian Shroder (Steven Ferdman/Getty Images)

Binance.US, the American arm of the crypto exchange giant, is looking to raise up to $50 million in additional funding at a $4.5 billion valuation in what would be a continuation of the exchange’s seed round, according to people familiar with the matter.

The company previously closed a $200 million seed round at a $4.5 billion valuation in April. The raise will target "strategic partners" and would not represent a new Series A round, the people said. Binance.US declined to comment.

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Since April, cryptocurrency markets have seen a sharp downturn, fueled by several high-profile blowups, liquidity crises and macroeconomic events.

Binance.US’ raise comes on the heels of last month’s unraveling of Terra’s UST stablecoin, as well as two high-profile events this month – crypto lender Celsius halting customer withdrawals and crypto investment firm Three Arrows Capital facing rumored insolvency.

Binance.US CEO Brian Shroder told tech outlet Protocol last week that the soon-to-be-announced fundraise will have the company “entering the crypto winter from a position of strength.”

“Investors are not scared from investing in us further,” Shroder added.

Read more: Binance.US Raises First Funding Round at $4.5B Valuation

Investors in Binance.US’ seed round included Circle Ventures, VanEck and RRE Ventures, according to the April announcement and Crunchbase data.

Crypto companies have become more cash conscious in the bear market, and some are taking up opportunities to bulk up their war chests.

Competing crypto exchanges Coinbase (COIN), Gemini and Crypto.com have taken on cost-cutting measures, with Coinbase laying off 18% of its staff, Gemini cutting 10% of its workforce and Crypto.com downsizing 5% of employees.

Binance USVenture Capital
Tracy Wang

Tracy Wang was the deputy managing editor of CoinDesk's finance and deals team, based in New York City. She has reported on a wide range of topics in crypto, including decentralized finance, venture capital, exchanges and market-makers, DAOs and NFTs. Previously, she worked in traditional finance ("tradfi") as a hedge funds analyst at an asset management firm. She owns BTC, ETH, MINA, ENS, and some NFTs.

Tracy won the 2022 George Polk award in Financial Reporting for coverage that led to the collapse of cryptocurrency exchange FTX. She holds a B.A. in Economics from Yale College.

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