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Crypto exchange Binance backs Chinese crypto news portal Mars Finance

Tue, 17 Sep 2019, 11:44 am UTC

World’s largest cryptocurrency exchange by trading volume, Binance, has made an investment in Mars Finance, a Chinese cryptocurrency and blockchain-focused news website, Bloomberg reported.

This marks Binance’s first strategic investment in China. The exchange withdrew its operations from the Chinese market back in 2017 after the ban on digital currency trading came into force.

Founded by Wang Feng in 2018, Beijing-based Mars Finance is a Chinese-language crypto news service. It has also launched its own venture fund called Consensus Lab, which has invested in nearly 50 high-quality blockchain projects such as Quark, Bumo, Celer, Certik, Bitforex, Coinsuper and Bgogo.

The startup has previously completed two funding rounds and is backed by IDG Capital and the venture arms of OKCoin and Huobi. The latest funding round, which also saw participation from Ceyuan Ventures and Matrixport, the financial services startup created by Bitmain co-founder Wu Jihan, values Mars Finance at about $200 million.

The news comes as Binance is preparing to launch its U.S.-based arm. Binance US is going to open account registrations and deposits on September 18.

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