Binance invests in Chinese blockchain-focused media firm

Global crypto exchange Binance participated in a funding round for crypto media platform Mars Finance, marking its first investment in a Chinese company since Beijing banned cryptocurrency trading in the country in 2017.

Ceyuan Ventures and Matrixpoint, the financial services startup of Bitmain Technologies co-founder Wu Jihan, also participated in the round, which valued Mars Finance at about US$200 million, according to a statement.

Binance CEO Changpeng Zhao / Photo credit: Coinpedia

Founded early last year by Linekong Interactive Group co-founder Wang Feng, Mars Finance is a Chinese news and reports platform focused on the blockchain and cryptocurrency sector. It also hosts a data platform that supports over 200 exchanges.

On top of that, it offers publicly accessible hosting services for reference materials related to blockchain and cryptocurrency, as well as online blockchain knowledge-sharing communities.

Mars Finance is looking to expand its offerings by adding features such as market reports and asset management services in the future.

Prior to the fundraise, the company had already attracted big-name investors. It completed two funding rounds, which saw participation from companies such as IDG Capital, Mengxin Technology, and the venture arms of crypto exchanges OKCoin and Huobi.

“We have large respect for data, news, and research firms which support the positive growth of the blockchain industry,” Binance CEO Changpeng Zhao said in a Bloomberg report. “We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”

Recently, Binance launched its crypto-lending business, Binance Lending, which lets holders of Binance Coin and the US dollar-linked Tether to lend their assets and earn interest.

It also recently partnered with Singapore-based Mass Vehicle Ledger (MVL) Foundation, the company behind the blockchain-based ride-hailing app Tada, enabling MVL tokens to launch on the blockchain.