Reports indicate that the world’s largest cryptocurrency exchange by trade volume, Binance, has announced the crypto company has committed to investing $200 million into the American business magazine Forbes. Binance, a digital currency exchange confirmed that it has a $200 million stake in Forbes via Twitter.
Forbes: Binance pledges $200 million to Forbes
Binance made a $200m investment in Forbes, the U.S-based digital magazine for business and publisher that is owned by the Forbes family as well as Integrated Whale Media Investments. CNBC published this report. shared by Binance on Twitter, explains that the investment “is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0 based tools” Forbes has plans to go public via a special purpose acquisition company (SPAC) deal with Magnum Opus.
“Binance’s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (PIPE) that was previously announced along with Forbes’ intention to go public via a business combination with Magnum Opus,” Forbes detailed on Thursday. American magazine publisher and digital publisher, American Business Magazine added:
Forbes is expected to maximize its brand, enterprise value, and use its proprietary technology stack to analyze and convert its readers into long-term and engaged customers. These transactions include memberships and recurring subscribing to premium content and highly targeted products.
Binance CEO Changpeng ‘CZ’ Zhao: ‘We Look Forward to Bolstering Forbes’ Digital Initiatives’
Mike Federle (CEO of Forbes) mentioned that Binance is a leader in blockchain technology and emerging digital asset industries. “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,” Federle said. “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.”
According to statistics from Coingecko.com’s top spot exchange rankings and top derivatives exchanges, Binance is the leader of both categories. Metrics on Thursday indicate Binance’s 24-hour volume, in terms of crypto derivatives, is $75.2 billion. Binance was the settlement point for $20.7 million in crypto spot market trades during the past day. Binance also owns coinmarketcap.com, a popular website that aggregates cryptocurrency prices and provides market capitalization information. Changpeng ‘CZ’ Zhao, the founder of Binance believes its partnership with Forbes will promote Forbes’ Digital initiatives.
“As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform,” the founder of Binance explained during the announcement on Thursday.
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