Binance Invests $200 Million in Forbes To Strengthen Digital Initiative

In a surprising turn of events, Forbes announced Binance’s $200 million investment in the company after Forbes chose to go public with a Special Purpose Acquisition Company (SPAC) earlier last year.

Binance x Forbes

The 104-year-old magazine is presently on the way to close its business combination deal with Magnum Opus before the end of March 2022, by when it would become a publicly-traded company on the NYSE under the ticker “FRBS”.

For the same Binance made a $200 million strategic investment using which the magazine company aims to capitalize on “its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.”

In line with the announcement, CEO of Forbes, Mike Ferdele stated:

“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 world’s most successful blockchain innovators. 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.”

Binance’s $200 million investment will represent half of the allotted PIPE (private investment in public equity) commitments announced by Forbes back in August.

This investment will be used for maximizing the brand and enterprise value of the magazine publisher as well as use make use of the existing technology to transform their readers into long-term customers.

Adding on to the announcement the CEO and Founder of Binance, Changpeng ‘CZ’ Zhao said:

“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.”

Forget the Past, Focus on the Future

This seems to be Binance’s mantra at the moment as just last year, the world’s biggest cryptocurrency exchange was engaged in a lawsuit against Forbes.

Owing to the reporting on the Tai Chi document – an alleged presentation describing Binance’s plan to bypass US regulations – Binance filed a lawsuit against the magazine publisher. 

However, three months later in February 2021, the crypto exchange dropped the lawsuit citing no specific reason.

Whether or not this is Binance’s way of mending things with Forbes, it certainly is gonna play in favor of both the companies when Forbes goes public.