Binance announced on February 10th that they are making a $200 million strategic investment in Forbes, one of the most recognized magazines in the world. The cryptocurrency exchange believes that it is necessary to have access to a larger audience in order to make sure they understand digital assets and blockchain technology.
Thanks to this investment, Binance will now be able to advise Forbes develop its web 3 strategy. In the future, the goal is to advise the magazine to make investment decisions in the physical and virtual worlds.
Binance Invests $200 Million in Forbes
Binance, one of the largest and most popular cryptocurrency exchanges in the world, continues to expand in the traditional financial market. Forbes, a magazine with over 100 years, will now be part of Binance’s strategic investments in traditional financial media.
The cryptocurrency exchange has now a $200 million stake in Forbes, which could become even larger in the future. Thanks to this large and strategic investment, Binance will become one of the top two biggest owners of Forbes after its listing.
As reported by people with knowledge of the deal, the plan is to help Forbes merge with a publicly traded special purpose acquisition company. Forbes will also be listed on the New York Stock Exchange under the ticker FRBS.
As reported by CNBC, a person with knowledge of Binance’s plans said:
“This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0-based tools. Our industry has seen a ton of growth and we think you’d have to be a fool to not position yourself in those sectors that are ripe for infrastructure investments.”
Binance has been expanding over the last years through different investments and solutions offered to investors from all over the world. Nowadays, Binance is letting investors buy and sell digital currencies and trade digital assets using different trading pairs. Moreover, the company is offering a wide range of other services linked to virtual currencies, including staking, lending and borrowing, among other things.
After being founded in 2017, Binance continues to play a growing role in the crypto and financial markets thanks to its constant expansion. Let’s not forget that the exchange is already offering support to different fiat currencies on its platform and it’s letting users engage in different activities that involve the use of virtual currencies.