Friday, June 9, 2023

Binance Invests $200M in Forbes


The world’s largest cryptocurrency exchange, Binance, is investing up to $200 million in Forbes. This is through a new venture that would see the media behemoth go public through a merger with Special Purpose Acquisition Company (SPAC) Magnum Opus.

Forbes has already announced a partnership with Magnum Opus. They will be forming a business that will see the company go public on the NY Stock Exchange under the ticker symbol ‘FRBS.’

Binance’s investment will position the trading behemoth as a significant adviser in digital assets and Web3.0 strategy. Furthermore, they will be scheduling the public listing deal to finishing it by the end of the first quarter.

Forbes CEO Mike Federle says that the company will dedicate itself to demystifying the complexity of blockchain technologies. It also includes all developing digital assets by offering useful information.

He went on to note that with Binance’s investment in Forbes is the world’s most successful blockchain inventors. They are now accessing the world’s biggest crypto exchange’s experience, network, and resources.

With their aid, Forbes can become a true leader in the industry. It is also currently a resource for anyone interested in the burgeoning world of digital assets

Beyond the platform’s regular publishing, the new company will explore more new products and services.

With a range of product options in the works and the terms of the deal, Patrick Hillmann, Binance’s Chief Communications Officer, and Bill Chin, Binance’s Venture Capital and Incubator Head, will be joining the Forbes Board of Directors following the successful completion of the business combination transaction.

Investing in Binance

Binance’s investment in the planned company between Forbes and Magnum Opus would assist increase the scope of blockchain education. All hands will be working towards moving the industry into its next phase of the adoption cycle.

Binance’s Founder and CEO, Changpeng ‘CZ’ Zhao, stated that as Web 3 and blockchain technology advance and the crypto market matures, media will become increasingly important in fostering widespread public understanding and education. Furthermore, they are excited to support Forbes’ digital activities as they transform into a next-generation investing insights platform.

He was avoiding a previous fight with one of Forbes’ pieces alleging that trading businesses purposefully avoid tax requirements.

Moreover, Binance CEO Changpeng Zhao refuted all claims. Accordingly, the crypto exchange’s US subsidiary is setting up the skirt regulation and benefits from investors.

The ownership structure of Binance.US is also a source of controversy. BAM Trading Services is running the exchange in the United States. However, both CEO Catherine Coley and Chanpeng Zhao have said that BAM and Binance have no ownership ties.

According to the Forbes story, the leaked paper stated that BAM will license the cryptocurrency exchange’s trading and wallet technology.

On Twitter, Binance CEO CZ continued to refute charges, concluding by adding that with regards to the United States, Binance has very rigorous regulations and operating processes in place, which is why Binance U.S. is a separate marketplace.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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