- Fundamental Labs was the lead investor for a seed funding round in which Binance.US, a cryptocurrency exchange, raised $200 million total.
- Fundamental Labs invested $20 million based on a $4.5 billion pre-money valuation.
- Binance plans expansion and new product offerings with the $200 million injection.
Fundamental Labs, a blockchain-focused venture capital firm, took the lead in a seed round that saw BinanceUS, one of the largest digital asset exchanges when measured by volume, raise $200 million. Fundamental Labs provided the largest investment, to the tune of $20 million, per a press release sent to Bitcoin Magazine.
Track live crypto price of 10000+ coins!
“We are thrilled to be a key contributor in Binance.US’s ongoing growth story,” said Henry Love, managing partner at Fundamental Labs. “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.”
Binance hopes to utilize the capital toward expansion, both in personnel and product offerings. Their focus on compliance allows companies like Fundamental Labs to confidently invest with little-to-no downside as the bitcoin ecosystem continues to move up and to the right. Being an early pioneer in the space has allowed Binance the opportunity to solidify a strategy over time that enabled healthy compliance for the entrance of venture capital.
“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,” said Binance.US CEO, Brian Schroder, per the release.
The $200 million seed funding round was based on a pre-money valuation of $4.5 billion, which means this is only the beginning for Binance, and gives favorable terms to the possibility of continued participation from Fundamental Labs.
“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 Schroder, according to the release. “The fundraising enables us to accelerate our expansion, add new product offerings and begin to market for the first time.”
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: