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BitMart secures “millions of investment” from Fenbushi Capital

Fri, 09 Aug 2019, 11:31 am UTC

Digital assets trading platform BitMart has announced that it has secured investment from China-based venture capital firm Fenbushi Capital.

In its official announcement, BitMart said that it has received “millions of investment” from the VC firm. In addition, Bitrise Capital has also offered a follow-up investment.

BitMart intends to use the fresh funding to improve its user experience along with its rapid expansion in emerging markets, including Vietnam, Turkey, and Nigeria.

“Investment is always significant for a tech start-up,” says Sheldon Xia, Founder, and CEO of BitMart. “The strategic collaboration with Fenbushi Capital and Bitrise Capital will undoubtedly help to establish a more open and transparent capital raising ecosystem for both investors and high-quality assets.”

This investment follows the recent addition of a number of new members to the company. Bo Shen, Founder and General Partner of Fenbushi Capital, and Kevin Shao, the General Manager of Blockchain Branch of Canaan Creative, are joining BitMart’s Global Strategic Advisory Committee.

“Their specialty in blockchain and decentralized finance and professional network will add critical value to BitMart’s business,” BitMart said.

Founded in 2017, Cayman Islands-headquartered BitMart has previously raised $10 million in a Series A funding round in January 2018. It claims to have over 900,000 users worldwide and offers 230 trading pairs.

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