Binance and Bitmain Invest in Promising Chinese Crypto News Platform: Bloomberg

Libra Coin News
Tue, 09/17/2019 - 10:36
Yuri Molchan
Malta-based crypto giant Binance has conducted its first important investment in China after leaving the country a few years ago over the crypto ban
Cover image via U.Today
Contents

As reported by Bloomberg, the crypto exchange Binance is back to working with China after withdrawing from the country in 2017 when the local government imposed a ban on the crypto industry.

Curiously enough, Binance has taken part in an investment round of a crypto news platform that it believes to be promising.

Binance, Bitmain are supporting a crypto news platform

The recent funding round for a crypto news platform Mars Finance, during which the firm was valued at $200 mln, attracted Binance and Bitmain, co-founded by Jihan Wu, and other companies, including Ceyuan Ventures.

This investment is the first one in China that is of strategic importance since Binance left the market in 2017 when the crypto ban was imposed on the local ICOs and crypto exchanges.

As reported earlier by U.Today, these days, the Chinese government seeks to restrict crypto mining as well.

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Mars Finance supported by other crypto exchanges

The head of Binance, CZ, chose Mars Finance for investing since he believes the startup to be fast expanding and increasing its influence.

During previous investment rounds, Mars Finance caught the eye of two other crypto exchanges – OKCoin and Huobi.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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