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Binance invests $200 million in news publisher Forbes

 


The world's largest cryptocurrency exchange, Binance, has made a strategic $200 million investment in the American news magazine Forbes.


Forbes and Magnum Opus Acquisition Limited, a publicly traded specialty acquisition firm, today announced a $200 million strategic investment from Binance, one of the world's largest cryptocurrency and blockchain infrastructure providers.


Binance's strategic investment comes through the acquisition of $200 million in underwriting agreements as part of the $400 million Private Investment in Public Equity (PIPE), which coincided with Forbes' intention to go public , was announced. The announcement states:


"As Binance assumes the existing PIPE commitments, the total size of the PIPE will remain at $400 million and Binance's investment will be on essentially the same terms as existing PIPE investors."


Mike Federle, chief executive officer of Forbes, said in a statement:


“Forbes is already a resource for people interested in the burgeoning world of digital assets. With Binance's investment in Forbes, we now have the experience, network and resources of the world's leading crypto exchange."


The Magnum Opus and Binance transactions are designed to help Forbes maximize its brand and corporate equity and leverage its proprietary suite of technologies and analytics to convert readers into long-term, engaged customers of the platform, including through memberships and recurring subscriptions to premium Content and highly targeted product offerings.


According to the sources, this would make Binance one of the top two shareholders in Forbes, which will be listed on the New York Stock Exchange under the symbol “FRBS.” In addition, it was said that the cryptocurrency company would get two seats out of a total of nine on the board of directors.


So far, Binance appears to have succeeded in its mission of promoting knowledge about cryptocurrencies and bitcoin.


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