Shanghai-based startup cryptocurrency exchange Binance, which recently hit its one-month long operating milestone has just announced the company has successfully completed its first round of venture capital financing with millions of USD in investment.
China’s Blackhole Capital and Funcity Capital led the VC-based investment round. Binance Exchange has been operating for 50 days now and for the first time, the company is disclosing some internal information.
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 10x 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 service. It is not hard to see that the fast growth of Binance is not an accident.
The VC funding comes even though the company recently completed a successful ICO for their Binance (BNB) tokens.
Launched 50 days ago the company is off to a great start gaining the trust of users within the crypto community. Officially launched on July 14th, 2017, the exchange has reached the top 10 in volume on some global rankings. To date, Binance has serviced 180 countries with 120,000 users. More than 60,000 users (+50%) have at least one trackable action per day.
Apart from crypto-trading, Binance offers an ICO platform and blockchain based funds.
The ICO platform integrated into Binance offers high-quality projects help to launch their ICO. Their blockchain fund selects the most promising projects and lis their coins on the Binance exchange.
As a new platform, Binance insists to regulate itself according to the local law. Changpeng Zhao, CEO of Binance, said:
“Our technology is upgrading rapidly, we are guiding ourselves to become an 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.”
The core of Binance is made of a solid team of experts in the industry led by Changpeng Zhao, Founder, and CEO, well known in the blockchain community and expert in developing trading systems with previous experience working 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 in the internet and blockchain industry. Roger Wang, CTO, a former senior architect at Morgan Stanley with great expertise in the finance and technology industry.