Cryptocurrency exchange Binance has unveiled a $200 million strategic investment in the American business news publisher Forbes.
The exchange’s chief communication officer, Patrick Hillmann, and Binance Labs head, Bill Chin, would join the Forbes board once the deal is closed.
The investment by the world’s largest exchange by trading volumes is under a $400 million private investment in a public equity deal.
Binance CEO Changpeng Zhao remarked that the partnership would turn Forbes into an investment insights-focused firm. He adds that media plays a crucial role in advancing blockchain technology and Web3.
The chief executive at Forbes, Mike Federle, lauds the collaboration saying that the publisher is playing a key role in providing resources for investors in the digital assets. He sees the deal as an expansionary drive.
Forbes opted to go public in 2021 in a merger with Magnum Opus Acquisition Limited, in a deal that is set to close in the first quarter of 2022. The firm would list in the New York Stock Exchange under the symbol FRBS.