Cryptocurrency exchange Binance, the world’s largest by trading volume, has made a strategic investment in Chinese media and data source Mars Finance.
According to a report from Bloomberg citing a press release, the investment amount was not disclosed, but values the company at $200 million.
Aside from Binance, which reportedly made its first strategic investment in China with the round, Beijing-based Mars Finance was also backed by Ceyuan Ventures and Matrixport, a financial services startup founded by co-founder of bitcoin mining firm Bitmain, Jihan Wu.
Discussing the investment, Binance CEO Changpeng Zhao said:
“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.”
The media site was founded by tech entrepreneur Wang Feng in 2018, Bloomberg says, and has previously raised two funding rounds from investors including IDG Capital and the venture subsidiaries of OKCoin and Huobi.
The firm’s website indicates it also offers market reports and a VC fund called Consensus Lab (no relation to CoinDesk Consensus).
The news comes as Binance’s new U.S. platform prepares to onboard customers in preparation for live trading.
Binance.US said last week that it will open registration and deposits Wednesday, Sept. 18, after which it will roll out a number of Binance products across the U.S.
Binance has announced the acquisition of crypto exchange JEX in a bid to boost its crypto derivatives offerings for pro traders.
Seychelles-registered JEX offers spot and derivatives (including options and futures) trading in cryptocurrencies such as bitcoin and ether.
Going forward under Binance management, the derivatives exchange will be known as Binance JEX. JEX offers its own token, also called JEX, which will continue to be guided by its existing foundation, Binance said.
Binance plans to first distribute the tokens to users through “marketing activities and community incentives” before ultimately clawing back and burning them via means including trading commissions, according to the announcement.
Binance did not disclose the terms of the acquisition deal.
“JEX has a seasoned developer team with proven experience in cryptoasset product development. JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s product roadmaps in the cryptoasset derivatives market,” said Binance co-founder Yi He.
Just yesterday, Binance announced that it had made two testnets for its planned futures platform available for user testing, with competitions to encourage user participation before a live launch.
Malta-based crypto exchange Binance wants to spur greater research in open-source blockchain development.
To that end, the exchange unveiled Binance X on Thursday, announcing that it was funding more than 40 developers conducting research into open-source crypto software. Binance X also hopes to facilitate collaboration in the Binance ecosystem by providing resources to projects in various stages of development and tap blockchain “evangelists” to foster education around the space.
For promising developers, Binance X offers a fellowship program focused on research and development of open-source blockchain software. More than 40 project leads have already signed on as Binance X fellows, though the exchange has not revealed how much funding these individuals will receive. Applications are accepted on a rolling basis.
The platform is designed to serve as a cryptocurrency-focused counterpart to X Development, the research and development subsidiary of Google parent company Alphabet. In addition to providing financial support, Binance X is also rolling out educational initiatives for developers and the public.
“The Binance X team will help educate, create opportunities for collaborations and jumpstart growth of these projects via the different programs and resources we have at Binance,” Teck Chia, head of Binance X, said in a statement.
By leveraging the existing ecosystem – including Binance Chain, Binance.com APIs, Trust Wallet SDKs and the Binance Charity donation platform – Binance X says it will support educational advancement at every level “from noobs to seasoned developers.”
To draw in these “noobs,” Binance X’s sponsored evangelists will host blockchain workshops and reading groups at colleges and similar venues to recruit and educate individuals.
Cryptocurrency exchange Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world.
Dubbed Venus, the “localized” stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, “to empower developed and developing countries to spur new currencies.”
Binance said it’s seeking to create new partnerships with governments, enterprises and cryptocurrency and blockchain firms to assist the effort.
The exchange stated in its Monday announcement that it “will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus,” adding:
“Binance welcomes additional government partners, companies and organizations with a strong interest and influence on a global scale to collaborate with us to build a new open alliance and sustainable community.”
The exchange has previously launched two stablecoins, BTCB, pegged to bitcoin, and BGBP, pegged to the British pound. on Binance Chain. It also listed the USDC dollar-backed cryptocurrency back in November.
In a statement to CoinDesk, Binance co-founder Yi He addressed the new project, saying:
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”