World’s Largest Crypto Exchanges Binance Invests $200 Million in Forbes

Key Takeaways:

  • Binance, the world’s biggest crypto exchange has made a $200 million investment in digital and print publisher Forbes
  • This development is a part of a larger deal to take Forbes public through a strategic merger with a SPAC
  • One of the core objectives for Binance is to leverage Forbe’s humongous audience to create a buzz and build consumer understanding about cryptocurrency. 
  • Forbes is also making attempts to pin down digital and blockchain assets.

Forbes, one of the largest print and digital publishers in the world said that it has received a $200 million investment from Binance. At the moment, Binance is the world’s biggest cryptocurrency exchange. 

This deal will help Forbes go public via a special purpose acquisition company (SPAC) merger. According to Forbes and SPAC company Magnum Opus, the deal is projected to close by the end of March. 

SEE ALSO: Google Cloud is Looking to Hire a Team of Blockchain Experts to Grow its Business

Binance Invests in Forbes – Why does it matter?

The capital injected by Binance will replace more than half of the initial $400 million raised by institutional investors to help finance Forbe’s SPAC. 

Over the past few months, SPAC redemptions and investor taking back their capital from SPAC before the merger has increased significantly. This is why that capital is not reliable. 

More about Binance’s investment in Forbes

The $200 million investment will make Binance the second-largest owner in Forbes. At present, Integrated Whale Media (IWM), a Chinese investment firm will continue to remain Forbe’s largest owner. 

As part of the deal, Binance executives Bill Chin and Patrick Hillman will join Forbes’s board of directors once the SPAC merger goes through. 

SPAC firm Magnus Opus Acquisition Limited has not disclosed a date when shareholders will vote on the merger. 

Although Binance and Magnus Opus could extend the date, Forbes expects the merger to be complete in the first quarter of 2022. This means that all the parties involved do not have enough time left to extend. 

What does it mean for IWM?

The deal is structured in a way that Forbe’s current owners, the Forbes stakeholders, and IWM will receive a sum of $400 million from the second round of money once the SPAC merger is complete. 

In many ways, this deal will help IWM exit from its investments from Forbes. 

For quite some time. Forbes has been experimenting with blockchain technology. This is why the recent deal with Binance makes even more sense. Other software firms such as Block. one have also expressed interest in buying out Forbes at some point.

SEE ALSO: Software Giant Blackbaud Acquires Everfi for $750 Million

Feature Image Source: rawpixel.com

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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