The world’s largest cryptocurrency Binance will be investing a large sum into the world-renowned business magazine Forbes.
Binance has made numerous investments just in the past couple of months, with the strategic investment into Forbes being one of the largest ones by the crypto exchange.
Based on the report by Forbes, Binance will put $200M into Forbes for a merger deal with a special purpose acquisition company (SPAC). With the strategic investment, Binance aims to help Forbes list its FRBS stock on the New York Stock Exchange through a special purpose acquisition company, or SPAC Magnum Opus.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Rug Pull in Crypto? (Meaning + Examples)
Changpeng Zhao, CEO of Binance, spoke on the strategic investment deal with Forbes, stating:
"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."
The investment will include Patrick Hillman, CCO of Binance, and Bill Chin, Head of Binance Labs, who will be a part of the Forbes Board of Directors. If the deals go through successfully, Binance will become the second-largest owner of the business magazine.