Binance, the largest cryptocurrency exchange in terms of trading volume, has made a strategic investment into Forbes, a 104-year-old magazine, to increase consumer understanding about cryptocurrencies and blockchain.
Forbes and Magnum Opus Acquisition Limited (a publicly traded special purpose acquisition company (SPAC)), announced that they have secured a strategic investment of $200 million from Binance.
Forbes had previously stated plans to go public via a business combination of Magnum Opus and Forbes in August 2021. The deal is expected to close in Q1 2022.
Binance will make a strategic investment through the assumption of subscription agreements for $200 million in the $400 million private equity investment (PIPE), which was announced alongside Forbes’ intention to go public.
The announcement states that Binance will assume existing PIPE obligations and Binance will invest according to substantially the exact terms of existing PIPE investors.
The deal includes the addition of Patrick Hillmann, Binance Labs’ chief communications officer, and Bill Chin, Binance Labs’ head of Binance Labs to the Forbes board.
Forbes CEO Mike Federle stated that Binance’s investment will allow the company to gain “experience, network, and resources of the top crypto exchange in the world and one of the most successful blockchain innovators in the world.”
He noted that Forbes is dedicated to simplifying the complexities of blockchain technology and providing useful information about all emerging digital assets.
Changpeng Zhao, founder of Binance and CEO, stressed the importance of supporting media within the crypto industry to fulfill the company’s commitment of increasing consumer awareness and adoption of crypto.
“As Web3’s blockchain and Web3 technologies advance, and the crypto market becomes mature, we know media is essential to spread consumer education and understanding. As Forbes develops into an investment platform, we look forward to supporting their digital initiatives.
Related: PwC’s top 5 most active crypto funders in 2021.
Binance seems to have succeeded in its mission of spreading knowledge about Bitcoin and crypto so far. Binance purchased CoinMarketCap in April 2020. It was the most visited crypto website, with 187 million visitors as of August 2021. The website offers market capitalization charts and news updates. In September 2020, the firm launched CMC Alexandria, its own cryptocurrency education portal.