The worlds of mainstream business media and cryptocurrency have drawn a lot closer this week with the news that Forbes has received a $200 million strategic investment from Binance – one of the world’s largest cryptocurrency and blockchain infrastructure providers.
The move is part of Forbes’ long-stated intention to go public via a SPAC (special purpose acquisition company) agreement with Magnum Opus Acquisition Limited (NYSE: OPA) (“Magnum Opus”), which is apparently set to complete at the end of Q1.
Binance’s investment will be through the assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (“PIPE”).
This seems a win-win for both parties. Crypto companies need credibility and for Binance ownership of a respected media company is a way of fast-tracking this.
For Forbes this is more cash in the bank, but more importantly it cements its relationship with crypto-savvy audiences potentially creating deeper opportunities to monetise them
Binance will also help advise Forbes on the management of its digital assets and Web3 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.”
“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.