Leading Crypto Exchange Binance Takes $200 Million Stake in Forbes
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Binance the world’s leading cryptocurrency exchange has announced that it is making a $200 million investment in magazine and digital publisher, Forbes
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The funds will be used by Forbes to execute plans relating to its merge with a special purpose acquisition company in the first quarter of the year
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The crypto exchange is set to become one of the top two biggest owners of Forbes by replacing half of the $400 million in commitments from institutional investors
The world’s biggest cryptocurrency exchange Binance is set to take a stake in magazine and digital publishers, Forbes, with a $200 million investment.
According to CNBC sources, the funds will be used by Forbes to execute plans to merge with a special publicly traded acquisition company in the first quarter of this year.
Binance is replacing half of the $400 million in commitments from institutional investors announced by Forbes in August. The investment means that the cryptocurrency exchange is now one of the top two biggest owners of the 104-year-old magazine.
The crypto exchange will also get two directorial seats out of 9 positions available on the board of the company.
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The move shows the growing influence of the cryptocurrency space on the real world. While crypto exchanges had gone public and signed endorsement deals with football clubs, this is the sector’s first major investment in a U.S. media property.
Forbes was founded in 1918 by Bertie Charles Forbes, and his grandson, Steve Forbes remains that editor-in-chief. The company claims to reach over 150 million people through its content release and events.
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