Binance Invests $200M in Forbes Prior to Its NYSE Listing
- Binance has assumed half of Forbes’ $400 million commitments from institutional investors, which was announced back in August as part of the company’s efforts to go public.
- The $200 million Binance investment will help Forbes accelerate its digital growth, and further capitalize on its successful digital transformation.
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Forbes, the publisher of the iconic magazine with the same name, has received a $200 million investment from the world’s largest exchange by trading volume, Binance, Forbes said in a press release on 10 February.
According to the announcement, the exchange’s strategic investment in Forbes was made through Binance’s “assumption of subscription agreements” representing $200 million of commitments in the $400 million private investment in public equity (PIPE), which was announced back in August. Forbes’ $400 million PIPE is part of the company’s efforts to go public on the New York Stock Exchange (NYSE) through a merger with special purpose acquisition company (SPAC) Magnum Opus. The CEO of Forbes, Mike Federle, said in a statement:
“With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators. Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”
The newly acquired funds will help Forbes accelerate its digital growth, and further capitalize on its successful digital transformation to “create more deeply engaged audiences”. Binance’s chief communications officer Patrick Hillmann and Binance Labs Bill Chin will also be joining Forbes’ board of directors as part of the deal.
The CEO of Binance, Changpeng “CZ” Zhao, noted that the investment was part of the exchange’s effort to improve consumer understanding of blockchain and Web3. He noted that “media is an essential element” in improving consumer education on these topics, and that Forbes will soon “evolve” into a next level investment insight platform.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.