Binance.US seeks to raise $50M more at $4.5B valuation
The US-based cryptocurrency exchange Binance.US raised $200 million at a $4.5 billion valuation in April 2022.
US-based cryptocurrency exchange Binance.US is reportedly looking to raise an additional $50 million, besides the $200 million it raised during its Series A funding round in April 2022.
The new fund raise will not change the crypto company's valuation, which is presently at $4.5 billion.
According to CoinDesk, Binance.US is seeking to onboard strategic partners with the new $50 million investment opportunity.
Last week, talking to Protocol, CEO Brian Shroder said the new fund raise will help Binance.US enter "the crypto winter from a position of strength.”
He added that he has not found investors to be scared of the follow-on investment despite the steep decline in crypto valuations since its earlier funding round.
In the past few weeks, the crypto markets were hit by the crashes of Terra and LUNA cryptocurrency, the decision to halt withdrawals by crypto lender Celsius, and the rumoured insolvency of crypto investment firm Three Arrows Capital.
Following such events, the global crypto market has seen hundreds of billions of dollars wiped from its market value, and popular cryptocurrencies—Bitcoin and Ethereum—touched an 18-month low valuation, wiping out most of the gains made during the crypto bull run amid the COVID-19 pandemic.
Edited by Suman Singh
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