Fundamental Labs, an active Web 3 and digital asset focused venture capital firms, announced a US$20m 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.
What inspired Fundamental Labs to invest?
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$4.5bn.
Henry Love, Managing Partner, led the deal for Fundamental Labs and said, “We are thrilled to be a key contributor in Binance.US’s ongoing growth story. The potential for an innovative platform like Binance.US to be successful in this market was an attraction, however the steps the company has been taking to be a compliant platform factored greatly in our decision.”
What is the market growth of Binance.US?
Today, there are more than 85 tokens and 190 trading pairs available on Binance.US. Binance.US has been granted licenses to operate in 45 states and 8 territories.
“It’s vital for us to have an influential venture capital firm such as Fundamental Labs participate in our first seed funding round,” said Binance.US CEO, Brian Shroder.
“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. The fundraising enables us to accelerate our expansion, add new product offerings and begin to market for the first time,” he concluded.