Fundamental Labs, one of the most active Web3 and digital asset-focussed venture capital firms, has invested $20m in crypto currency exchange platform Binance.US.
The deal was part of Binance.US’s first seed fundraising round which netted the cryptocurrency exchange platform $200m at a pre-money valuation of $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 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.”
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.
Binance.US CEO, Brian Shroder, added “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.
“The fundraising enables us to accelerate our expansion, add new product offerings and begin to market for the first time.”
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