Binance Invests $200M in Forbes ahead of SPAC IPO
Binance cryptocurrency exchange, the largest in terms of trading volume worldwide, is investing as much as $200 million in Forbes, through a new venture that will see the media unicorn go public in a merger with Special Purpose Acquisition Company (SPAC) Magnum Opus.
As announced by Forbes, the company has already inked a partnership with Magnum Opus to establish a business combination that will see Forbes go public listing on the New York Stock Exchange under the ticker symbol ‘FRBS’. The public listing deal is expected to close before the end of the first quarter, and the Binance investment will position the trading giant as a key adviser in digital assets and Web3.0 strategy.
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,” said Mike Federle, CEO, Forbes. “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.”
The new company will pursue more innovative products and services beyond the platform’s regular publications. With a number of product offerings in the works and the terms of the deal, Patrick Hillmann, Chief Communications Officer for Binance and Bill Chin, Head of Binance Labs, the Venture Capital Arm, and Incubator of Binance, will join the Forbes Board of Directors upon the successful closing of the business combination transaction.
The blockchain and emerging Web3.0 innovation are becoming too big to ignore, and Binance’s investment in the proposed company between Forbes and Magnum Opus will help advance the scope of blockchain educating as all hands work toward pushing the industry into its next phase of the adoption cycle.
“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,” said Changpeng ‘CZ’ Zhao, Founder and CEO, Binance, shunning the earlier brawl he had with one of Forbes’ reports that claimed the trading firms strategically evade tax obligations.
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