CEO of Binance.US, Brian Brooks, stated in a recent interview that the crypto exchange has no plans to go public anytime soon.
Brooks brought up the first venture financing round while distinguishing Binance.US from Binance.com, and went on to highlight the company’s planned private collaborations while noting that the exchange’s IPO plans had not changed.
“I really can’t talk about numbers other than to say I think it’s going to be an impressive round with an impressive group of investors in it, but I can’t talk about it until it’s done. But we’re mid-diligence right now; term sheets are signed, and we expect to have something announced relatively shortly.”, Brooks told Forbes.
Binance.com and Binance.US
Brooks emphasized the differences between Binance.com and Binance.US by stressing how the two crypto exchanges differ in terms of functionality, with Binance.US offering only 55 assets compared to Binance.com’s 900.
Brooks went on to highlight the efficiency of stablecoin and the exchange’s plans for a future stablecoin project later in the conversation.
According to him, the Stablecoin project would have “11 billion or 12 billion units of circulating supply on any given day, up 1,100 percent from the start of the year.”
“We should be embedding this so that you don’t need Uber cash anymore, there should be Ubercoin. It should be based on our stablecoin. Stablecoins are the future, they don’t require an underlying bank to process transactions and they settle immediately.”, Brooks said.
Brooks further stated that Binance.US is separate from the main exchange because its service is exclusively available to residents of the United States.
The firm intends to shift the complete IT stack to U.S. servers, including plans for opening offices and storing data. Unlike Binance.com, which is under regulatory scrutiny owing to its unregistered and unidentified workstations across the globe.
“We already store all U.S. customer information in the U.S. But things like the matching engine and product functions, among others, we’ll move onshore over the next four or five months; we’re already in the middle of that migration process.”, Brooks added.