Altcoin News: Binance Made Its First Strategic Investment

September 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Binance cryptocurrency exchange for the first time provided strategic investment to a Chinese company, Bloomberg reports.

Binance joined the investment round of the cryptocurrency data and news portal Mars Finance, at the end of which its business was estimated at approximately $200 million. The amount of funding provided was not disclosed. In addition to the exchange, Mars Finance’s investors are Ceyuan Ventures and Matrixport, a financial services startup launched by the co-founder of Bitmain mining company Wu Jihan.

Commenting on Binance’s interest in Mars Finance, the CEO of Changpeng Zhao said the service has been steadily growing in scope since its inception.

Beijing-based Mars Finance was founded by local entrepreneur Wang Feng in 2018. The company has already held two rounds of fundraising with the participation of IDG Capital and the venture divisions of the cryptocurrency exchanges OKCoin and Huobi. Thus, Mars Finance is now supported by all three large cryptocurrency exchanges, which began their journey in China.

The startup also includes the Consensus Lab venture capital fund, which has distributed investments among more than 50 third-party companies.

Binance previously invested in Koi Trading, an American OTC trading platform.

Author: Marko Vidrih