Reports indicate that the worlds 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 made a $200 million investment into Forbes, the U.S.-based business magazine and digital publisher owned by the Forbes family and Integrated Whale Media Investments. A report published by CNBC, and 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. The American business magazine and digital publisher added:“The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise values and use its proprietary technology stack and analytics to convert readers into long-term, engaged customers of the platform, including through memberships and recurring subscriptions to premium content and highly targeted product offerings.”
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 worlds 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. $20.7 billion in 24 hour crypto spot market trades were settled on Binance during the last day. Furthermore, Binance owns the popular cryptocurrency price aggregation and market capitalization web portal coinmarketcap.com. 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.