Crypto Exchange Binance to Invest in Financial Media Forbes

Image Source: Visual China

BEIJING, February 11 (TMTPOST) — Binance, the world’s largest cryptocurrency exchange by trading volume, will make a US$200 million strategic investment in American financial media Forbes, according to CNBC.

Binance will subscribe to half of the US$400 million of shares previously held by institutional invstors in the placement commitments, which were announced by century-old publisher Forbs and special purpose acquisition company (SPAC) Magnum Opus Acquisition Limited last August. SPACs are shell companies listed on a stock exchange with the purpose of acquiring a private company, thus turning the latter into a public company without going through the traditional initial public offering process.

The deal is expected to close by the end of March, Forbes and Magnum Opus said in a statement.

After the deal, Binance will become one of the two biggest shareholders of Forbes. Two members of Binance’s senior management team will enter the board of Forbes.

Binance’s CEO Zhao Changpeng told CNBC that the investment in Forbes is expected to help Forbes enter Web 3 with the support of blockchain and crypto technologies. Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts including decentralization and token-based economics.

Binance will continue to pay attention to the development of traditional sectors and will help traditional industries enter Web3 and blockchain through investments in the future, Zhao said.

Binance will help Forbes in its digital assets and Web3 strategy, the companies said.

“With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators,” said Mike Federle, Forbes chief executive. “Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”

Forbes is currently planning to go public through a SPAC on the New York Stock Exchange to build on its digital transition and pursue more opportunities for growth.

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