Binance.US, the stateside arm of crypto exchange Binance, is looking to raise up to $50 million at a $4.5 billion valuation, CoinDesk reported on Tuesday.
The upcoming round won't necessarily represent a Series A but would amount to a continuation of its seed round, people familiar with the matter told CoinDesk. The firm plans to target strategic partners.
Binance.US closed its first funding round at a pre-money valuation of $4.5 billion in April of this year. The $200 million seed round saw participation from the likes of RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures, Gaingels and Gold House, though there was no lead investor.
At the time of the seed round, a spokesperson told The Block that Binance.US planned to raise more funds in the coming months and hopes to go public in the next two to three years.
CEO Brian Shroder teased the new funding last week in an interview with Protocol, saying it would announce another fundraising close in the next month or so. At the time, he told Protocol that he wants to make clear that the exchange is doing fine amid the wider crypto drawback and is entering a potential crypto winter "from a position of strength."
Binance.US was not immediately available for comment.