The cryptocurrency exchange’s US spinoff pulled in a nine-figure sum from investors like Circle Ventures at a post-money valuation of $4.7bn.

Binance.US, the US-based spinoff of Cayman Islands-registered cryptocurrency exchange Binance, secured $200m in seed funding on Wednesday from investors including digital payment platform developer Circle.

RRE Ventures, Original Capital, Foundation Capital and VanEck filled out the round alongside unnamed others. Circle participated through corporate venturing unit Circle Ventures and the round valued the company at $4.7bn post-money.

Launched in 2019, Binance.US allows users to buy, sell and trade digital assets. It claims to have doubled its workforce in the past six months and expanded into Louisiana and Connecticut, making it available in 45 states and eight US territories.

The spinoff is managed by Binance’s local partner, BAM Trading Services, and the two entities have a licensing agreement but exist separately. The corporate’s Smart Chain subsidiary formed a $200m fund with gaming and blockchain technology developer Animoca Brands in December 2021 to invest in gaming finance projects.

Binance has not…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.