Binance, one of the biggest crypto exchanges globally in terms of trading volume and has recently made a strategic move to invest in a China-based crypto media and data source company. The Chinese crypto media company is known as Mars finance. This is according to a report that was released by Bloomberg that cites a press release announcing the investment.
However, the invested amount is yet to be made public, but Bloomberg estimates and values the company at USD 200 million. Apart from Binance, which is making its first strategic investment in the Chinese cryptocurrency arena, Beijing based Mars finance also enjoys the support of Ceyuan Ventures and matrixport, which are both financial services startups that are funded by the co-founder of Bitmain. The co-founder goes by the name of Jihan Wu.
Recently, while discussing the Investment of Binance in the Chinese crypto media and data source firm, the CEO of Binance, Changpeng Zhao is quoted in part to have said, “We have a lot of respect for data news and research firms which support the positive growth of the blockchain industry. We will further pursue strategic investment opportunities in our mission to bring crypto further mainstream, increasing adoption and accessibility and help the industry grow sustainably.”
The Chinese media site was launched and piloted by Wang Feng, who is a tech entrepreneur back in the year 2018, according to reports from Bloomberg. It is reported to have previously managed to raise a couple of funding rounds from investors who include IDG capital and the Venture subsidiaries of okcoin and huobi.
As enlisted on the firm’s website, under the services that the firm offers include market reports and a VC fund called Consensus lab. It should be noted that this Consensus lab has no kin whatsoever to coindesk consensus.
The news of the strategic investment of Binance in the Chinese crypto media and data source firm, Mars Finance follows Binance’s new move to have a platform that will prepare to have customers in preparation for live trading. It also stated last week, that it is open to registration and deposits as from Wednesday, September 18, following which it will make a move to roll out numerous of Binance products across the United States of America.
The strategic move by Binance has been seen by many traders, enthusiasts and even traders as a move to grow the exchange company and also as a strategic way to increase the company’s footprint globally. It should be noted that the crypto industry is fast evolving and only the rollout of new platforms and products by the exchange firms will work to keep them in competition and to maintain them as sustainable even as the crypto boom continues to surge further.