Binance makes its first investment in China in crypto media startup Mars Finance

China • September 17, 2019, 4:42AM EDT
UPDATED: September 17, 2019, 6:57AM EDT
Akio Kon/Bloomberg via Getty Images

The world’s largest cryptocurrency exchange Binance has made its first investment in China, in crypto media startup Mars Finance.

Other investors in the startup included Ceyuan Ventures and Matrixport, the cryptocurrency financial services startup created by Wu Jihan, co-founder of Bitmain Technologies.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

The funding amount was not disclosed by Mars Finance, who reportedly has reached a $200 million post-money valuation with the latest round.

The startup, operated by Huoxing24 Ltd, has previously raised funding from investors including IDG Capital, as well as the venture arms of exchange operators OKCoin and Huobi. This means Mars Finance is now backed by all three Chinese crypto exchange giants - OKEx, Huobi and Binance.

Interestingly, Mars Finance also runs its own venture fund called Consensus Lab, which has invested in over 50 startups.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri