BitMart Announces Investment From China-Based VC Firm Fenbushi Capital

Digital assets trading platform BitMart has reportedly secured “millions in investments” from Chinese blockchain-focused venture capital firm Fenbushi Capital. BitMart announced the news on Aug. 7.

To bring transparency to the global economy

With the investment, BitMart has joined over 50 international blockchain projects Fenbushi has invested in, aiming to achieve more transparency and efficiency in the global economy. Sheldon Xia, founder and CEO of BitMart, said:

“The strategic collaboration with Fenbushi Capital and Bitrise Capital will undoubtedly help to establish a more open and transparent capital raising ecosystem for both investors and high-quality assets.”

Following the investment, BitMart’s Global Strategic Advisory Committee will onboard new member Bo Shen,  founder and general partner of Fenbushi Capital. Shen follows a string of new board members like Kevin Shao, the general manager of blockchain branch of mining machines manufacturer Canaan Creative.

Facilitating BTC payments

As reported in February, peer-to-peer Bitcoin (BTC) marketplace Paxful announced a joint venture that saw Paxful integrated as a means of facilitating BTC payments on the BitMart platform.

At the time, Xia, emphasized that the partnership will significantly expand the number of ways by which the exchange’s users can purchase Bitcoin, stating:

“With this partnership, investors will now have direct access to multiple payment approaches including bank transfers, gift cards, debit/credit cards, and cash deposits, lowering the barriers to entry for new adopters of digital currency investment.”