Updated · May 20, 2022
Crypto Exchange Binance Invests $200m in Forbes
Updated · Feb 11, 2022
In an effort to mainstream leading technologies, Forbes, the business publication announced Binance’s hefty investment on Thursday.
“Demystifying” Crypto Complexities
Binance, one of the world’s largest cryptocurrency exchanges, is taking a $200 million stake in Forbes. The American business magazine made the announcement in a blog post yesterday. This investment comes less than two years after Binance sued Forbes for defamation.
Chinese-Canadian business executive Changpeng Zhao founded Binance in 2017. Since then, it has grown to be the largest cryptocurrency exchange by trading volume. Forbes is counting on Binance’s investment to bolster its support for the Blockchain, cryptocurrency, and Web3.
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and emerging digital assets,” said Forbes CEO Mike Federle.
“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… can become a true leader in the field with their help.”
Founded over 104 years ago, Forbes is most famous for publishing rankings of the world’s wealthiest.
The publication preemptively addressed concerns about whether or not this investment would directly influence its editorial direction.
“I can confirm Forbes’s editorial independence will remain sacrosanct and entirely independent from Binance,” a spokesman said regarding this possible conflict of interest.
Last August, Forbes announced plans to go public by merging with the Special Acquisition Vehicle (SPAC) company, Magnum Opus. A SPAC is a listed shell corporation created to purchase a private company. Magnus Opus lists on the New York Stock Exchange (NYSE).
Binance’s investment represents half of the $400 million in commitments that Forbes expects to raise with its Magnum Opum merger - cementing Binance’s place as one of the top two Forbes investors.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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