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Binance Makes Strategic Investment in Chinese Crypto Media Firm
Cryptocurrency exchange Binance has made an undisclosed investment in Chinese media and data source Mars Finance.
Updated Sep 13, 2021, 11:27 a.m. Published Sep 17, 2019, 9:33 a.m.
Update (10:47 UTC, Sept. 17, 2019): Added comment from Changpeng Zhao, CEO of Binance.
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Cryptocurrency exchange Binance, the world's largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance.
According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million.
Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder of bitcoin mining firm Bitmain, Jihan Wu.
Discussing the investment, Binance CEO Changpeng Zhao said:
“We have large respect for data, news and research firms which support the positive growth of the blockchain industry. We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”
The media site was founded by tech entrepreneur Wang Feng in 2018, Bloomberg says, and has previously raised two funding rounds from investors including IDG Capital and the venture subsidiaries of OKCoin and Huobi.
The firm's website indicates it also offers market reports and a VC fund called Consensus Lab (no relation to CoinDesk Consensus).
The news comes as Binance's new U.S. platform prepares to onboard customers in preparation for live trading.
Binance.US said last week that it will open registration and deposits Wednesday, Sept. 18, after which it will roll out a number of Binance products across the U.S.
Changpeng Zhao image courtesy of Binance
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