Forbes, ahead of its public listing with a black-check company merger, announced on Thursday that it received $200 million as an investment from the cryptocurrency exchange, Binance.
The strategic investment from the crypto giant came as a part of a $400 million private investment in public equity that the combined entity of Forbes and Magnum Opus, a special purpose acquisition company, is receiving.
Binance will receive the stake in the merged public entity according to the same terms as other PIPE investors. However, Patrick Hillmann, the Chief Communications Officer for Binance, and Bill Chin, the Head of Binance Labs, will join the Forbes board.
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,” said the CEO of Forbes, 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, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”
Crypto and Media
Forbes is a popular business media platform that started as a business magazine in 1917. Now, the company is expecting to go public with the Magnum Opus merger within the first quarter of 2022.
With Binance as an investor and partner, Forbes now has plans to indulge itself in digital assets and Web3 strategies in the future.
Changpeng Zhao, the CEO of Binance, added: “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.”
