The world’s largest cryptocurrency exchange by trading volume, Binance, has invested a colossal $200 million in Forbes as the 104-year-old global media company draws up plans to go public via a special purpose acquisition company (SPAC) by March this year.
Binance Pumps $200M Into Forbes
Forbes and Magnum Opus Acquisition Limited announced on Feb. 10 that it had cinched a $200 million investment from Binance.
Per Forbes chief executive officer Mike Federle, the strategic investment — which makes Binance one of the two largest owners of Forbes — will help the digital publisher get “experience, network, and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators.”
Federle added: “Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets.”
As part of the deal, which is expected to be finalized in the first quarter, Binance’s chief communications officer Patrick Hillmann and the head of Binance Labs Bill Chin will become part of the Forbes board.
Forbes is on track to merge with a SPAC, Magnum Opus Acquisition Limited, after which it will begin trading on the New York Stock Exchange under the ticker symbol FRBS.
A Major Play For Crypto Adoption
As a leading cryptocurrency exchange, Binance has been keen on promoting knowledge about bitcoin and blockchain technology. Not too long ago, Binance acquired the most popular crypto data aggregator CoinMarketCap. Besides providing analytics, the data platform also offers relevant crypto news.
Binance CEO Changpeng Zhao has stressed the need for supporting media within the crypto sector, which falls in line with the exchange’s goal of bolstering consumer understanding and cryptocurrency adoption.
“As Web 3 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,” Zhao said.
It’s worth mentioning that Binance had filed a defamation lawsuit in November 2020 against Forbes and two of its journalists over the so-called “Tai Chi” article that claimed to reveal regulatory evasion tactics used by the exchange. Binance, however, voluntarily dropped the complaint early last year.