Binance US On Track To Go Public, Expects To Close Pre-IPO Funding Round Next Month

Binance US reportedly plans to go public within the next few years.

What Happened: Speaking at Blockchain Week on Monday, Binance US CEO Brian Shroder said that the cryptocurrency exchange was on track for an initial public offering (IPO) in two to three years, as per a report from Forkast.

Shroder also said that Binance US would announce a “couple of hundred million dollars” in funding as early as April. Parent company's Chairman Changpeng Zhao had earlier in November said a pre-IPO funding round to the tune of a "couple hundred million" dollars was expected to be closed by January, CoinDesk reported at the time.

Before joining Binance US in September, Shroder served as the head of AliPay’s Southeast Asia operations and Uber Technologies Inc’s UBER head of strategy and business development in Asia.

According to Shroder, Binance US booked more profits in the fourth quarter than Uber did since its inception.

Binance US operates as a separate entity from Binance — the world’s largest cryptocurrency exchange by trading volume.

The company is currently seeking licenses in New York, Texas, Idaho, Hawaii, and Vermont and expects to be licensed in all jurisdictions in the country by the end of the year.

See Also: Binance Is Taking $200M Stake In Forbes Ahead Of SPAC Deal

What Else: Last year, cryptocurrency exchange Coinbase Global Inc COIN went public in what was one of the most widely anticipated direct listings on the Nasdaq. The company closed its first day of trading with a valuation of $85.7 billion.

In the fourth quarter, Coinbase generated $2.2 billion worth of revenue for cryptocurrency trading fees alone.

Price Action: According to data from Benzinga Pro, the apex cryptocurrency Bitcoin BTC/USD traded at $47,400, up 1.05% in the last 24 hours. Ethereum ETH/USD traded at $3,372, gaining 2.38% over the same period.

Photo courtesy: Binance US