BinanceUS gets new funding

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Binance

 

The American arm of a top crypto exchange, BinanceUS, is making news today with reports it raised $200 million from investors in the first external funding round of its kind.

The U.S. version of the Binance exchange has faced headwinds in America, with agencies restricting its operations and criticizing some of its products.

Now, with a $4.5 billion valuation and new funding, BinanceUS may be able to make more inroads into the American economy. Some sources suggest a type of direct listing or other bid for public offering is now in the works.

“Binance.US intends to go public in the next two to three years at a time that we deem is right for the business,” a company spokesperson said, according to coverage by Brandy Betz at Coindesk.

Notable investors in the current round include Van Eck, whose bids for a Bitcoin ETF were rebuffed by the SEC in past years, and Circle, a company in the SEC’s crosshairs at one time for some of its proposed lending products.

Some traders are giddy about the prospect of rising per-coin prices for Binance Coin.

“Binance US dollar (BUSD) trading volume jumped over the past week amid rising demand for stablecoin in times of escalating global political tension,” wrote BB March 4. “The trading volume of BUSD over 23 February to 1 March jumped to $41.8bn, up 34% compared with the previous week. Yet can the coin maintain momentum and what factors will shape Binance US dollar price predictions in the coming year?”

How does Binance leader Changpeng Zhao feel?

“In November, (Zhao) said Binance.US was raising a ‘couple hundred million’ in a funding round that would ‘close in about a month or two,’” Betz writes.

Today, we have more targeted remarks from Zhao’s Twitter account.

“Excited for this new chapter,” Zhao writes. “Thanks @BrianShroder and the @BinanceUS team for bringing crypto to more people in the U.S. Keep building.”

Keep an eye on BNB and Binance for new U.S. operations.

 

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