Binance Invests in a Chinese Crypto News Site
- Mars Finance that reached $200 million post-money valuation also includes Bitmain co-founder Jihan Wu as an investor
The world’s leading cryptocurrency exchange Binance has made its first strategic Chinese investment, joining funding round in crypto data website Mars Finance.
Investors in the round also included Bitmain co-founder Jihan Wu, Ceyuan Ventures, and Matrixport, this valued the firm at about $200 million. This funding is Binance’s first strategic investment in China, a market the exchange has to withdraw from in 2017 after it banned cryptocurrency trading.
Binance founder, Changpeng Zhao reportedly said in a statement that Mars Finance has expanded its influence rapidly since it entered the market.
— Mars Finance (@Mars_Finance) June 29, 2018
Beijing-based Mars Finance is a crypto new service that was founded in 2008. Previously, it completed two funding rounds with backings from IDG Capital and venture arms of crypto exchanges Huobi and OKCoin.
It also runs its venture fund called Consensus Lab that has invested in Coinsuper, a “virtual asset trading platform and self-regulated custodian.”
“Let's make more news, and less FUD. Invest in the industry,” is what “CZ” wrote on Twitter on this news.