Binance US, the American subsidiary of cryptocurrency exchange Binance, has raised $200 million in a seed funding round to reach a valuation of $4.5 billion.
The round attracted Circle’s venture unit, Circle Ventures, which reiterated its commitment to helping the exchange create an advanced digital asset ecosystem.
Other investors who took part include VanEck, RRE Ventures, Original Capital, Foundation Capital, Gaingels, and Gold House.
Binance.US representative notes that the funds will be used to widen the spot trading platform, deploy new products, and expand consumer education initiatives.
The subsidiary’s CEO, Brian Shroder, remarks that the move shows the company’s growth trajectory since its launch in 2019.
Binance US currently operates in 45 states and eight territories, having acquired the Money Transmitter License for West Virginia at the start of the year.
The company is working with the rest of the states to ensure that it can have its services in the whole country. The accounts of Binance US are currently not available in Idaho, New York, Texas, and Vermont.
Source: Cointelegraph