Crypto firm Binance.US seeks to raise $100m at $1bn valuation

Investing.com -- Binance.US is reportedly pursuing a fundraising round of up to $100 million as the crypto exchange works to strengthen its operations in the United States amid growing competition for digital asset customers.

The company is seeking a valuation of approximately $1 billion in the private funding round, according to a report from Bloomberg news citing a person familiar with the matter.

World Liberty Financial, co-founded by President Donald Trump, was among those informed about the fundraising effort, the report said.

Binance.US began operations in 2019 and functions independently from the global Binance exchange, though Binance co-founder Changpeng Zhao holds a substantial stake in both entities. The company raised over $200 million in 2022 at a $4.5 billion pre-money valuation.

The exchange lost a significant portion of its market share following Binance Holdings Ltd.'s 2023 settlement with US authorities and is now attempting to recover ground against larger competitors. The exchange has also considered expanding into new business areas, including prediction markets.

The fundraising effort occurs as digital asset companies attempt to take advantage of a more favorable US regulatory environment. Established exchanges are introducing new products while offshore competitors pursue greater presence in the country.

The company is also working to restore some of its state money-transmitting licenses as part of its broader US expansion plans, the report added.

Original Article

You May Also Be Interested In

• Canadian government bond yields slide as yield curve flattens
• TD Cowen raises oil forecasts, sees Canadian producers gain as WCS discounts widen
• Premarket movers: CoreWeave tumbles; Penske Automotive surges