Binance, the world’s largest cryptocurrency exchange in terms of trading volume, is making a strategic investment in the 104-year-old Forbes magazine to improve consumers’ understanding of cryptocurrency and the blockchain.
Forbes and Magnum Opus Acquisition Limited, a listed specialty acquisition (SPAC), officially announced on Thursday that they have received a strategic investment of $ 200 million from Binance.
Forbes announced previous plans to go public through the Magnum Opus business group in August 2021, and the agreement is expected to be terminated in the first quarter of 2022.
Binance’s strategic investment will be driven by Binance’s acceptance of subscription agreements, which is a $ 200 million commitment in the $ 400 million private equity investment (PIPE) announced along with Forbes’ intention to be announced.
“Given Binance’s existing commitments to PIPE, the total volume of PIPE will remain at $ 400 million, and Binance’s investment will be primarily on the terms of existing PIPE investors,” the announcement states.
As part of the agreement, Binance Communications Director Patrick Hellman and Binance Labs President Bill Chen will join the Forbes board.
According to Mike Federell, CEO of Forbes, Binance’s investment will help the company gain “the experience, network and resources of one of the world’s leading cryptocurrency exchanges and one of the world’s most successful blockchain innovators”.
He noted that “Forbes aims to demystify complexity and provide useful information about blockchain technologies and all new digital assets.”
Binance founder and CEO Changpeng Zhao stressed the importance of media support for the crypto industry as part of the company’s commitment to promoting consumer knowledge and using crypto, stating:
“As Web3 and blockchain technology evolve and the cryptocurrency market matures, we know that the media is an important component in building a broad consumer understanding and education. We look forward to strengthening Forbes’ digital initiatives as they evolve into the next-level investment analytics platform. ”
A spokesman for Binance told Cointelegraph that their investment in Forbes “will be the first such investment” in the media industry, adding: “Web2 has had a profound impact on the media industry. We believe Web3 could play an equally important role in the future. of journalism and publishing. ”
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It seems that Binance has so far succeeded in its mission to increase knowledge about crypto and bitcoin. In April 2020, Binance acquired CoinMarketCap, the most popular cryptocurrency site with 187 million visitors as of August 2021. In addition to market value charts, the site provides news, updates and information on current market leaders. The company then launched its cryptocurrency education portal, known as CMC Alexandria, in September 2020.