Binance Successfully Raises First Round of VC Investment

Jayanand Sagar | September 3, 2017 | 2:43 am
binance

Binance Successfully Raises First Round of VC Investment

Jayanand Sagar | September 3, 2017 | 2:43 am

SHANGHAI – Binance, the cryptocurrency exchange has announced the successful completion of a fundraising round. The platform, that has been operational for about 50 days has raised millions of dollars in an investment round led by Black hole Capital and Funcity Capital.

Binance Capital Layout

Binance has received a strong support from successful investors. Blackhole Capital, founded in 2014 by Liang Zhang, is backed by a Chinese property giant with extensive resources across several industries. The founder Liang Zhang has more than ten years of experience in real estate, AI, consumption development and the entertainment industry. Over 70% of Blackhole Capital investments have generated even 10 times rates of return.

Funcity Capital was founded by Weixing Chen, founder of Kuaidi. Kuadi merged with Didi to create one of the world’s largest smartphone-based transport services. It is not hard to see that the fast growth of Binance is not an accident.

Surging users and fast grow

It is remarkable for a brand-new startup to receive such capital valuation after just one month of being launched. The backbone of Binance is a solid team of experts in the industry lead by Changpeng Zhao (Founder & CEO), well known in the blockchain community and expert in developing trading systems used to work at Bloomberg and Blockchain.info as the head of the technology department. Yi He, Co-Founder, used to manage the branding and marketing of OKCoin, and Yixia Tech (over 3 billion USD market capitalization); she is currently considered one of the most prominent female entrepreneurs on the Internet and blockchain industry. Roger Wang, CTO, a former senior architect at Morgan Stanley with tremendous expertise in finance and technology industry. These talents got together to create a state of the art cryptocurrency exchange.

Binance also stands outs due to its marketing performance. Launched 50 days ago the company is on a roll. According to Binance official news, the platform was launched on July 14th, 2017. It has reached the Top 10 exchanges on Coinmarketcap’s global 24hr trading volume within just a few days. So far, Binance service covers 180 countries with 120,000 users.  More than 60,000 users (+50%) have at least one trackable action per day. Binance starts the cryptocurrency 2.0 age rapidly gaining industry recognition and building a loyal user base.

New ecosystem layout

Binance has a very proactive mindset regarding future developments. As a result, the company is getting a lot of support from the community and positive appraisal from the capital market. One of the top 10 exchanges in the world, Binance is growing and improving to build an entire ecosystem. Apart from crypto-trading, Binance offers an ICO Platform, Blockchain Media, and Blockchain Funds.

The ICO platform integrated into Binance offers high-quality projects, in order to help these projects to launch their ICO. Blockchain Media will spread awareness about the blockchain technology to communities that are both familiar with blockchain and also communities that are entirely new to the concept. Blockchain Fund will be responsible for selecting the most promising projects and listing their coins on the Binance exchange.

The Blockchain industry is still at its nascent stage. It is a critical period for the industry in terms of regulations, technical development and other constraints. Binance is taking the huge responsibility of tackling these issues.

As a new platform, Binance insists to regulate itself according to the local law. Changpeng Zhao, CEO of Binance, said Technology is upgrading rapidly, we have to guide and become the industry leader. We will cooperate and comply with the government regulation, and ensure the interests of our investors. This way, the blockchain industry can and will continue to be developed in a healthy and sustainable way.

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