Binance Huge Stake
Forbes has announced that Binance, “one of the world’s largest cryptocurrency and blockchain infrastructure providers,” is making a $200 million investment to own a part of an “iconic business information brand.”
Binance sued Forbes in 2020 for defamation after the news outlet published leaked documents purporting to outline the exchange’s plans for reentering the U.S. market.
Forbes, known for its ranking of billionaires, said the deal would help make it a leader supplying information about digital assets, like Bitcoin. Reportedly, the Binance investment would replace half of the $400 million in commitments from investors already announced in August by Forbes and SPAC company, Magnum Opus Acquisition Limited.
Forbes said Binance would provide technological advice, helping the business publication “maximize its brand” and advance plans to convert readers to paying subscribers.
Notably, the investment deal is a clear indicator of the vast influence of cryptocurrency on the real world. The blockchain industry has seen more rise in assessments in the middle of global interest in digital assets. There are now more crypto billionaires in recent times. Since cryptocurrency companies began going public and partnering with influencers, Binance investment in Forbes is the biggest media partnership yet. The aim is to build on digital transition for enhanced growth.
Both companies referred to the deal helping to bring about a wider understanding of the subject of cryptocurrencies and blockchain, the technology that registers crypto transactions.
Binance will help advise Forbes on its digital asset and “Web3” strategy, they added, referring to a still-unrealized version of the internet where blockchain-based “decentralized” apps and cryptocurrencies are widely used.
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