Binance becomes major investor in Forbes

Major digital and print media publisher Forbes has a new major investor, Binance.

Binance is making a $200m investment in Forbes, which will grant the crypto exchange two board seats out of a total of nine.

Binance has taken this step to improve Web 3.0 options as it believes Forbes will bring tools which will benefit the new technology.

Binance CEO Changpeng Zhao said: “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.”

Forbes is looking to become a publicly traded company in the first quarter of 2022. It will achieve this through a merger with a special purpose acquisition company. Binance’s investment will make it the second largest stakeholder in the company.

Binance has purchased or staked into many companies it deems necessary for future development. Products like CoinMarketCap and Trust Wallet have been acquired by the growing centralized exchange.

Binance is not the only exchange that believes in the power of education for its users and those new to the industry. Coinbase has also spent a great deal of resources in generating educational content for its users.

Cryptocurrency enthusiasts in various communities have their doubts over Binance’s aggressive strategy. Binance previously had lacked transparency around their exchange and their practices which has made many in crypto skeptical of their methods. Many of these skeptics hold this same belief about all centralized exchanges.

Binance has recently had issues with regulation changes in multiple countries including China and the UK.

Binance had stated it would look to continue to expand its influence around the world and this new deal will push that forward.

Binance is currently the world’s largest cryptocurrency exchange with a daily volume of over $16bn. Forbes is one of the largest publishers with over 150 million readers.

Source

Updated: 02/14/2022 — 14:00