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.
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.”
Let’s make more news, and less FUD. Invest in the industry.https://t.co/QsAntt0UpH
— CZ Binance (@cz_binance) September 17, 2019
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.