According to Brian Shroder, the CEO of the company, the pre-money valuation of the company is $4.5 billion, after raising over $200 million in its first external funding round.
Shroder said that the company is targeting an IPO in two to three years. He said that this is the first time that a valuation has been shared publicly.
Shroder said that there is value in going through the process of going IPO because it requires a lot of regulatory discussions.
RRE Venture, Foundation Capital, Original Capital, and VanEck are its investors. Gaingels, a LGBTQIA+/Allies investment syndicate, and Gold House, a non-profit focused on enabling more multicultural representation and societal equity, joined the round.
The firm launched as a separate legal entity from the well-known Binance.com, which is one of the largestcryptocurrencies exchanges in the world.
According to data on CoinMarketCap, the largest digital asset exchange by trading volume in the US is Binance.US, with a 24 hour trading volume of $306 million. FTX US had a trading volume of $197 million and Coinbase had a trading volume of $3 billion.
Shroder said that the highest fee per transacreferencetion is 0.1%. It's one-sixth of the fee for trades under $10,000.
Shroder claims that the common founder of the company, Changpeng Zhao, who is also a chairman at the company, is tied to the company through its legal and licensing agreements with the company.
Shroder said that the exchange has plans to operate in all 50 states and the US territories. New York, Texas, Vermont, Idaho and Hawaii are not listed.
Shroder said the capital will be used for growth.
He said that every dollar raised will be reinvested into the business. If you look at our bigger brother, you will see a lot of products and services.
Shroder wouldn't say if there were two different industries or if they were looking at potentially moving into one of them.
Shroder said that a huge percentage of the ecosystem hadn't even started to dip their toes in.
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