Cryptocurrency Exchange Binance Invests $200mln in Forbes
The cryptocurrency exchange Binance has announced that it would invest $200 million in the 104-year-old Forbes publishing company. Forbes is pursuing a public listing as part of a bigger endeavor to become a publicly listed firm. Among those who will join Forbes’ Board of Directors as a result of the deal are Binance chief communications officer Patrick Hillmann and Binance labs head Bill Chin. The CEO of Binance, Changpeng Zhao, said in a tweet that the firm is a Blockchain company and that “our investment in Forbes is to assist them construct Web3 infrastructure in the next years.” Binance is a cryptocurrency exchange.
In a statement issued on Thursday, Zhao stated, “As Web3 and blockchain technologies progress and the cryptocurrency business matures, we recognize that media is a key factor for building wider consumer knowledge and education.”
“Further capitalizing on its successful digital transformation, employing technology and data-driven insights to develop more deeply engaged audiences, and related high-quality and recurring income streams,” Forbes said in a press release.
According to Forbes CEO Mike Federle, “Forbes is dedicated to demystifying the complexity and giving valuable knowledge regarding blockchain technology and all developing digital assets.” We now have the expertise, network, and resources of the world’s biggest cryptocurrency exchange, as well as one of the world’s most successful blockchain pioneers, as a result of Binance’s investment in Forbes.
The investment from Binance will be made through the “assumption of subscription agreements representing $200 million in commitments in the $400 million private investment in public equity that was previously announced alongside the news about Forbes’ deal with Magnum Opus,” according to the blockchain platform.
According to Zhao, Forbes’ editorial freedom is and will continue to be sacred. He further stated, “Binance, like many other rapidly developing and creative organizations, is used to being subjected to public scrutiny. When you are the CEO of a disruptive industry, you must accept this as a necessary reality.”