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 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.