Crypto Exchange Binance Buys Into Forbes With $200,000,000 Investment
Two powerhouses from opposite sides of the financial spectrum are joining forces to take on the digitized future of currencies together.
In a new announcement, Forbes says that leading crypto exchange Binance will invest $200 million as part of a strategic investment.
Forbes CEO Mike Federle says of the new partnership,
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets.
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… can become a true leader in the field with their help.”
Binance CEO Changpeng Zhao highlights the importance of effective communication as cryptocurrencies expand into the mainstream.
“As Web 3 and blockchain technologies move forward and the crypto market comes of age, we know that media is an essential element to build widespread consumer understanding and education.
We look forward to bolstering Forbes’ Digital initiatives as they evolve into a next level investment insights platform.”
The press release specifies that Binance’s contribution will be included in an existing $400 million private investment in public equity commitment from Forbes and Magnum Opus Acquisition Limited.
Last month it was alleged that Binance had maintained weak know-your-customer compliance standards despite warnings from senior figures within the company.
A Binance spokesperson claimed that Reuters’ information was “wildly outdated and – in several places – flatly incorrect,” but did not provide further details.
Binance Coin (BNB), the exchange’s native token, is down 1.13% at time of writing and trading for $415.39.
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