Binance.US, the American arm of the crypto exchange giant, is looking to raise up to $50 million in additional funding at a $4.5 billion valuation in what would be a continuation of the exchange’s seed round, according to people familiar with the matter.
The company previously closed a $200 million seed round at a $4.5 billion valuation in April. According to people, the raise will be for strategic partners and not a new Series A round. Binance.US declined to comment.
Since April, cryptocurrency markets have seen a sharp downturn, fueled by several high-profile blowups, liquidity crises and macroeconomic events.
Brian Shroder, Binance.US CEO told tech outlet Protocol last week that the soon-to-be-announced fundraise will have the company “entering the crypto winter from a position of strength.”
“Investors are not scared from investing in us further,” Shroder added.
Investors in Binance.US’s seed round included Circle Ventures, VanEck and RRE Ventures, according to the April announcement and Crunchbase data.
Some crypto companies are now more cash conscious in the bear markets and are looking for ways to boost their war funds.