Venture Capital firm Fundamental Labs has announced a US$20 million placement in Binance.US, one of the largest digital asset exchanges by trading volume in the United States and ranks among the top exchanges by volume globally.
The deal was part of Binance.US’s first seed fundraising round which netted the cryptocurrency exchange platform US$200 million at a pre-money valuation of US$4.5 billion, a statement said.
Henry Love, Managing Partner, led the deal for Fundamental Labs and commented, “We are thrilled to be a key contributor in Binance.US’s ongoing growth story. The potential for an innovative and reliable platform like Binance.US to be successful in this market was an attraction, however the steps the company has been taking to be a regulated and compliant platform factored significantly in our investment decision.”
“It’s important for us to have an influential and industry-native venture capital firm such as Fundamental Labs participate in our first seed funding round. Henry and his team bring vast industry expertise with a global footprint, and we are thrilled to have them be a part of this journey with us,” said Binance.US CEO, Brian Schroder. He added, “The fundraising enables us to accelerate our expansion, add new product offerings and begin to market for the first time.”
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