Binance Holdings, parent of the world’s largest cryptocurrency exchange, is making a strategic investment of $200 million into the more than 100 year-old news publisher Forbes.
Patrick Hillmann, Binance’s chief communications officer, and Bill Chin, head of Binance Labs, its venture capital arm, will join the Forbes board when the transaction closes.
Forbes agreed to go public last year through a merger with blank-cheque company Magnum Opus Acquisition. The business combination is expected to close in the first quarter of 2022, with the company trading under the New York Stock Exchange ticker FRBS.
“As web3 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,” said Changpeng Zhao, founder and chief executive of Binance. The investment will help Forbes become an “investment insights platform”, he added.
Forbes is “already a resource for people interested in the emerging world of digital assets”, Mike Federle, chief executive of Forbes, said in a statement. “With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange.”
The investment from Binance, the world’s largest crypto exchange by trading volume, is part of a $400m private investment in public equity (PIPE) deal.
Bloomberg LP, the parent of Bloomberg News, competes with Forbes in providing news and financial information.
