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. The digital currency company Binance confirmed the $200 million stake into Forbes on the social media platform Twitter.
Binance pledges $200 million to Forbes
Binance has invested $200 million in Forbes, the US business magazine and digital publisher owned by the Forbes family and Integrated Whale Media Investments. A report published by CNBC, and share by Binance on Twitter, explains that the investment “is the first step towards a market that has very high potential for the adoption of Web 3.0-based tools.” Forbes intends to go public via a Special Purpose Acquisition Company (SPAC) agreement with Masterpiece.
“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. The American business magazine and digital publisher added:
Transactions with Magnum Opus and Binance should help Forbes maximize its brand and corporate values and use its technology stack and proprietary analytics to convert readers into long-term engaged platform customers, including through memberships and recurring subscriptions to premium content and highly targeted product offers.
Binance CEO Changpeng ‘CZ’ Zhao: ‘We Look Forward to Bolstering Forbes’ Digital Initiatives’
The CEO of Forbes, Mike Federle, mentioned that when it comes to blockchain technology and the up and coming digital assets industry, Binance has been successful. “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 Best Cash Exchanges and Best Derivatives Exchanges rankings, Binance is the leader in both categories. Thursday’s metrics indicate Binance’s 24-hour volume, in terms of crypto derivatives, is $75.2 billion. $20.7 billion in 24-hour crypto spot market trades settled on Binance in the past day. Additionally, Binance owns the popular cryptocurrency price and market cap aggregation web portal coinmarketcap.com. Changpeng ‘CZ’ Zhao, the founder of Binance, believes his partnership with Forbes will further 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.
