Participating in yet another strategic round, crypto exchange Binance has made an investment in Chinese media firm Mars Finance.
Crypto exchange Binance invests in Chinese crypto media firm Mars Finance
Founded in China in 2017, Binance has participated in a $200 million funding round of Beijing-based Mars Finance, a local crypto and blockchain publication, as has been reported by Bloomberg on September 17.
As per the report, investors in the startup included Singapore-based Matrixport, launched recently by former CEO of Bitmain, and Beijing-based venture capital (VC) firm Ceyuan Ventures.
Following the news, Binance CEO Changpeng Zhao tweeted to confirm the news, expressing the company’s willingness to support the industry.
Mars Finance backed by 3 Chinese crypto exchanges
Established in 2018 by local entrepreneur Wang Feng, Mars Finance has turned a behemoth from a nascent local crypto-focused media due to the high demand in the region.
According to Bloomberg, the firm previously completed two funding rounds with investors including 3 leading Chinese crypto exchanges Binance, OKCoin, and Huobi, as well as a major American VC firm IDG Capital.
At the time of writing, the English-language version of the website appears to be relatively inactive since early January 2019. Meanwhile, the website traffic tool SimilarWeb shows that the Chinese version of Mars Finance, with the domain huoxing24.com, has around 124,000 monthly visits, with a 70,947 rank in China.
While China remains negative to cryptocurrencies like Bitcoin, the People’s Bank of China is reportedly getting ready to launch its own national cryptocurrency.
Expediting the issuance of a national digital currency interprets the country’s desire to compete with Facebook’s Libra coin.
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