Binance, the world’s largest cryptocurrency exchange by trading volume, is investing strategically in Forbes, a 104-year-old publication. In order to boost consumer knowledge of cryptocurrencies and blockchain.
In fact, Forbes and Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC), said on Thursday that Binance has agreed to invest $200 million in their company.
Forbes earlier announced plans to merge with Magnum Opus and go public in August 2021. With the acquisition scheduled to finalise in Q1 2022.
Additionally, Binance’s strategic investment will be made through the assumption of subscription agreements totalling $200 million in the $400 million private investment in public equity (PIPE) announced in conjunction with Forbes’ decision to go public.
“With Binance absorbing previous PIPE obligations, the PIPE’s overall size will remain at $400 million. As well, Binance’s investment will be made on substantially the same terms as the existing PIPE investors,” according to the release.
Binance’s chief communications officer Patrick Hillmann and Binance Labs head Bill Chin will join Forbes’ board of directors as part of the acquisition.
According to Forbes CEO Mike Federle, Binance’s investment would help the company gain access to “the world’s biggest crypto exchange. And one of the world’s most successful blockchain pioneers’ experience, network, and resources.”
“Forbes focuses its dedication to demystifying the complexity of blockchain technologies and all developing digital assets,” he said.
The importance of media assistance in the crypto business
Changpeng Zhao, the founder and CEO of Binance, stressed the importance of media assistance in the crypto business. As part of the company’s mission to increase consumer awareness and adoption of cryptocurrency, saying:
“As Web3 and blockchain technology advance and the crypto market matures, we recognise that media is a critical component in promoting consumer comprehension and education. We’re excited to support Forbes’ digital activities as they grow into a next-generation investment intelligence platform.”
So far, Binance appears to have been successful in its aim to spread awareness about cryptocurrency and Bitcoin. Binance purchased CoinMarketCap in April 2020, the most popular cryptocurrency website with 187 million visitors as of August 2021. The website also includes news, updates, and current market leaders in addition to market capitalization figures. CMC Alexandria, the company’s own crypto education webpage, which established in September 2020.