Binance makes its first investment in China in crypto media startup Mars Finance

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.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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