[Blockchain Today Correspondent Lee Ji-eun] It is reported that Binance, the world’s largest cryptocurrency exchange by trading volume, is investing $200 million in Forbes, an American economic magazine with a history of 104 years, to increase consumers’ understanding of cryptocurrency and blockchain. .
According to Cointelegraph, a media specialized in cryptocurrency, on the 10th (local time), Forbes and Magnum Opus Acquisition Limited, a special purpose acquisition company (SPAC), announced in an official announcement that they had “secured a strategic investment of $200 million from Binance.”
SPAC is a paper company that only pursues mergers and acquisitions of certain companies by receiving funds from investors through a public offering. Forbes announced plans to go public last year through SPAC company Magnum Opus. The merger is expected to close in the first quarter of this year.
Binance’s $200 million invested through Forbes’ new stock acquisition method is equivalent to half of the $400 million PIPE (private equity investment) announced at the time of Forbes’ public listing announcement.
According to the public announcement on the same day, Forbes’ PIPE investment will remain at $400 million, and Binance’s investment will be conducted on conditions that are substantially unified with existing PIPE investors, and Binance Chief Communications Officer Patrick Hillmann and Binance Labs (Binance Labs) CEO Bill Chin will join Forbes’ Board of Directors.
Forbes’ Mike Federle expressed the significance of this investment by saying, “It will help you gain experience, information and network of the world’s leading cryptocurrency exchange and the world’s most successful blockchain innovators.” “Forbes will continue to work hard to provide readers with useful information about blockchain technology and all new digital assets in an easy-to-understand manner,” he added.
In response, Binance Founder and CEO Changpeng Zhao commented, “As Web3 and blockchain technology advances and the cryptocurrency market matures, the media is essential to building broad consumer understanding and education.” We look forward to further strengthening the digital sector and evolving into a platform that provides insight into next-generation investments.”
According to Cointelegraph, Binance CEO Changpeng Zhao has always emphasized support for the cryptocurrency industry’s media to further enhance consumer knowledge and consumer adoption of cryptocurrencies.
In an interview with Cointelegraph, a Binance spokesperson said, “This investment by Binance is a first-of-its-kind investment in the media industry. I believe I can play a role,” he said.
Meanwhile, Binance acquired CoinMarketCap, the most popular cryptocurrency website, in 2020 and launched its own cryptocurrency education portal, CMC Alexandria. After the acquisition of Binance, CoinMarketCap has grown to become the most popular cryptocurrency website, visited by about 187 million people as of August of last year, and provides various information such as market cap charts and related news and updates.
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