World’s largest cryptocurrency exchange Binance, announces its strategic investment in New York-based media company Forbes. The 104-year-old magazine Forbes and Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC) revealed the tactical investment of $200 million.
Previously, Forbes and Magnum Opus announced insights for working together in Q1 2022. Consequently, Forbes will succeed in becoming a publicly-traded company on the New York Stock Exchange with the symbol “FRBS”. Further to this, Forbes would focus more upon the data-driven consumer, digitization, market capitalization, and its successful digital transformation.
Binance’s strategic investment is through Binance’s assumption of subscription agreement representing $200 million of commitments in the $400 million private investment in public equity (PIPE). The news was made public when Forbes announced its business partnership with Magnum Opus
Forbes is expected to amplify its brand and enterprise value, use its analytics to convert readers into long-term engaged customers of the platform. This will include high-end offerings, recurring subscriptions, premium content, and targeted product offerings.
Additionally, Binance will become one of the top two biggest owners of Forbes. Amongst global interest in digital assets, the bold move highlights the real supremacy of the crypto sector in the world. Largely, Binance being an integrated decentralized exchange platform has recognized whooping valuation and a new class of billionaires.
Binance aims to boost the understanding of cryptocurrencies and blockchain technology. Through its strategic investment, it will target heavy consumer markets around the world. The company wants to elevate consumer knowledge and adoption of crypto. Binance founder states,
“As Web3 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.”Binance Founder, CEO, Changpeng Zhao
Binance founder and CEO, Changpeng Zhao, is the industry’s richest entrepreneur. Last month Zhao, recorded his net worth around $96 billion which excludes his crypto holding, as reported by Bloomberg.