Crypto exchange Binance plans to set up a board as the company evolves from a crypto technology start-up to a global financial company. For meeting its global expansion and leadership goals, Binance has been pitching to offer board seats to sovereign wealth funds and big investors. However, investors have mostly avoided taking board seats at crypto and Defi startups due to regulatory pressure.
Binance Looks for Big Investors on its Board
Binance is in talks with sovereign wealth funds for investments and establish its global presence, as reported by FT on March 25. Ahead of public listing, Binance founder Changpeng “CZ” Zhao, who holds the majority share in the company, wants to raise capital from big investors and establish a board with members who believe in the business of Binance.
Despite having less valuation than Coinbase and FTX crypto exchanges, Binance is the top crypto exchange in terms of the daily trading volume of cryptocurrencies. The valuation of Binance soared in recent years with the increase in prices of bitcoin and other cryptocurrencies.
According to capital market data firm PitchBook, Binance has 17 investors including venture capital from AU21 Capital and Dragon Gateway, as well as private investment from investors such as Edith Yeung and Chris McCann. The company has an upcoming early-stage venture capital fundraising round.
Many investors and venture capitalists have been pouring money into the burgeoning space of crypto and NFTs. Moreover, some venture capitalists believe investing in crypto start-ups had generated more money for them, as they continue to invest in innovative technologies.
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Binance Expansion Streak
Recently, Binance CEO Changpeng Zhao met with El Salvador’s President Nayib Bukele to discuss the adoption of Bitcoin and crypto payments.
Binance has been expanding successfully across the globe with the recent entry into Brazil, Dubai, and Bahrain. In order to prevent itself from regulatory scrutiny, the firm is expanding into different sectors to build revenue and contribute towards crypto adoption.
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