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Binance, the world’s largest crypto exchange, has made an undisclosed investment in Chinese crypto news outlet Mars Finance.
Binance participated in a funding round for the blockchain media firm, which brought its valuation to $200 million USD in what was the third such financing since Mars Finance was founded last year. Specifically, Mars Finance provides information and news updates on blockchain, crypto markets, and asset management services. According to a press release issued by the company, it is now China’s most popular crypto news outlet in terms of traffic.
Mars Finance, which can be found at the domain huoxing24.com, was founded in February 2018 by Wang Feng, and currently has about 124,000 monthly visitors according to SimilairWeb. The English language version of the website has been inactive for most of the year; however, with the launch of Binance US this week, perhaps the exchange made the investment with the intention of producing new content for the site aimed at investors in the US.
Binance CEO Changpeng Zhao said of the investment, “We have large respect for data, news and research firms which support the positive growth of the blockchain industry. 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.” This marks the first time Binance has made an investment in China since leaving country as a result of the local crypto trading ban in 2017.
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Meanwhile, Binance looks set to launch in the US with Binance US accepting deposits from tomorrow, September 18. The exchange was previously blocked from launching in the US due to the fact the company never officially operated in the country. However, Binance US has the approval of regulators and is led by Ripple’s former head of institutional liquidity, Catherine Coley. Binance US will accept deposits of Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and USDT.
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