Popular Cryptocurrency Exchange, Binance Will Invest $200 Million in Forbes, a US Media Firm
“Binance,” one of the world’s largest cryptocurrency exchanges,” is reportedly investing $200 million in the company as it prepares to go public via a special purpose acquisition company, according to Forbes (SPAC).
Binance’s investment will replace half of the $400 million in private placement commitments made by Forbes and Magnum Opus Acquisition Limited, the world’s largest cryptocurrency exchange by trading volume.
The Magnum Opus and Binance transactions are meant to help Forbes maximize its brand and enterprise values, according to the companies.
According to Forbes, Binance will support the corporation with its digital asset and “Web3” strategy. The term “Web3” refers to a future version of the internet in which blockchain-based “decentralised” programs and cryptocurrencies are widely used.
In 2020, Binance sued Forbes for defamation over an article that said its “elaborate corporate structure” was “designed to intentionally deceive regulators and stealthily profit from crypto investors in the United States.” Binance dropped the lawsuit early last year, but the article is still on Forbes.com. According to the Binance at the time, “Binance is very sure that the Forbes article dated October 29, 2020, is false and misleading.”
By launching a SPAC in August, Forbes hopes to build on its digital transformation and take advantage of additional opportunities for expansion.
