Latest news and thoughts on Bitcoin and cryptocurrency

Month: February 2022

Crypto exchange Binance is buying a stake in Forbes for $200 million

The world’s largest cryptocurrency exchange, Binance, is planning a strategic investment of 200 million dollars in Forbes, a publishing company and a magazine with a tradition of 104 years, CNBC has learned.

The funds will help Forbes implement the planned listing in the first quarter by merging with a special purpose vehicle for acquisitions, or SPAC, which is listed on the market, sources familiar with the agreement told American television.

Binance, probably the most popular platform for crypto limit orders will take over from institutional investors half of the $400 million in liabilities announced by Forbes in August.

This will make Binance one of the two largest owners of Forbes, and this publishing house will be listed on the New York Stock Exchange under the symbol FRBS, which is added in the text.

The crypto company will also get two seats on Forbes’ nine-member board of directors.

The move points to a growing real-world impact on the crypto sector, which is growing in value and creating a new class of billionaires due to global interest in digital assets.

This is the first major investment by a crypto company in a traditional medium in the United States.

Forbes founded the grandfather of editor-in-chief and two-time presidential candidate Steve Forbes more than a century ago.

In 2014, the publishing house sold a 95 percent stake in Integrated Vale Media, based in Hong Kong, for 475 million dollars.

Forbes is known for its annual ranking of the richest businesspeople in the world.