LearnBonds.com

Binance Joins $200 Million Funding Round In Crypto Data Website

Binance Joins $200 Million Funding Round In Crypto Data Website
5 (100%) 1 vote[s]

The recognized cryptocurrency exchange Binance decided to make its first strategic Chinese investment in a CoinDesk rival called Mars Finance. The funding round valued the crypto-data website at about $200 million.

According to data provided by CoinMarketCap, Binance registered a trading volume of $821 million in the last 24 hours.

Binance Invests In Mars Finance

Some of the investors in the company included Ceyuan Ventures and also Matrixport. This last company is a financial services startup that was created by Jihan Wu, the co-founder of Bitmain, the largest ASIC producer in the crypto mining industry.

This is the first strategic investment that the popular digital currency exchange made in China. The country imposed a ban to cryptocurrency trading activities back in 2017 before Bitcoin (BTC) reached an all-time high of $20,000.

According to Changpeng Zhao, the CEO and founder of Binance, it is important to “make more news, and less FUD.”

Mars Finance is a company founded by Wang Feng in 2018 and it is one of the fastest-growing crypto-related news sites in the Chinese language. In the past, the company was able to gather funds from other investors, including IDG Capital and Consensus Lab.

Wang Feng has also co-founded Linekong Interactive Group in 2007, going public in Hong Kong seven years later.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Justinas Baltrusaitis

Justinas Baltrusaitis

Justin is an editor, writer, and a downhill fan. He spent many years writing about finances, blockchain, and crypto-related news. He strives to serve the untold stories for the readers.

Write first comment

Reply

Your email address is not published.