binance stake 200 million banenr image

Binance to stake $200 million in Forbes investment

Binance has reportedly invested $200 million to create a partnership with Forbes Magazine. Through the investment, Binance will be working to transition the 103-year old media company to ‘web 3.0’ or decentralised internet while Forbes will be fulfilling its plan to close a deal with a publicly traded special purpose acquisition company (SPAC). 

A partnership between Forbes and Magnum Opus Acquisition Limited is said to be completed and set to launch by the first quarter of 2022. 

Upon completion of the deal, Binance will be one of the biggest stakeholders in Forbes to date. The partnership means that Binance will have two out of nine seats on the Forbes board of directors.

Binance’s Chief Communications Officer Patrick Hillman and venture capital arm Bill Chin will take their places on the Forbes board of directors. These two men will still be holding their positions in Binance while taking on responsibilities with Forbes. Aside from that, an official listing on the New York Stock Exchange will be launched under the ticker FRBS. 

Simon Matthews, a representative of Binance has spoken with Reuters in a recent interview published last February 10 saying that Binance and Forbes still have their respective boundaries despite the partnership. ‘I can confirm Forbes’s editorial independence will remain sacrosanct and entirely independent from Binance’. 

According to reports made by CNBC, investors nowadays are sceptical about SPAC deals due to their unpredictable or fleeting nature. However, both Binance and Forbes are big names in their respective industries and are known to launch successful campaigns and deals. 

Binance CEO Changpeng Zhao has yet to post an official announcement on the Binance platform but has already shared his support through his Twitter account. He shared a CNBC article regarding the deal last Thursday, February 10 and prompted his followers to distinguish legitimate news from fake ones.

This is not the first time that Binance and Forbes have been linked. In 2020, Binance filed a lawsuit against Forbes for allegedly performing defamation of the company’s image through an article. This lawsuit has since been dropped and the two companies are no longer at odds considering their recent partnership. 

This is also not the first time that Forbes has worked with anything related to cryptocurrency since they have consistently been discussing and publishing content about digital currencies since it became popular. Their latest link to Binance seeks to spread the word about all things crypto and work on their projects with various companies. 

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