According to reports, Binance, which is the largest crypto exchange in the world by trade volume, has recently announced its decision to invest a whopping $200 million into the renowned American business magazine called Forbes. The social media handle of the digital finance company confirmed the acquisition of the $200 million stakes into the company via Twitter. The digital publisher and business magazine is based in the United States and is owned by the Forbes family as well as Integrated Whale Media Investments. CNBC published a report, which was shared on Twitter by Binance. It highlights that the investment is a first step for the crypto exchange in a marketplace that has high potential when it comes to adopting Web 3.0 based tools.
Forbes has entered into a deal with Magnum Opus, a special purpose acquisition company (SPAC) for going public. The strategic investment by Binance would be through the exchange’s assumption of subscription agreements valued at $200 million in the private investment in public equity (PIPE) of $400 million, which had been previously announced. Likewise, they had also announced Forbes’ intention of going public through a business combination with Magnum Opus. Forbes also added that its transaction with Binance and Magnum Opus is expected to help the company in maximizing its enterprise values and brand and use its proprietary technology stack and analytics for converting readers into engaged and long-term readers of the platform.
The digital publisher and American business magazine added that this would include recurring subscriptions and memberships to highly targeted product offerings and premium content. Mike Federle, the chief executive of Forbes, said that where blockchain technology and the digital assets industry is concerned, Binance has proven to be quite successful. With the crypto exchange’s investment in Forbes, they would now have access to the network, experience and resources of the leading crypto exchange in the world as well as one of the most successful blockchain innovators in the world.
The CEO said that Forbes had already proven itself to be a resource for those who are interested in digital assets and with Binance’s help, it can become a true leader in this space. According to the top spot exchange rankings of Coingecko and top derivatives exchanges, Binance is heading both of these categories. In addition, Binance is also the owner of the popular market capitalization and crypto price aggregation web portal coinmarketcap.com. The founder of Binance ‘Changpeng Zhao’, believes that their partnership with Forbes will help in promoting the Digital Initiatives of Forbes.
When making the announcement on Thursday, the founder of Binance said that with blockchain and Web3 technologies moving forward and the crypto space coming of age, they understand that media is a vital tool in creating and spreading consumer education and understanding. He added that they were looking forward to giving the Digital Initiatives of Forbes a boost, as they are evolving into a next-level platform for investment insights. This is undoubtedly a major move by the leading exchange, which has been dealing with regulatory scrutiny in the last year.