Binance, the China-founded crypto exchange giant, is set to pour US$200 million in strategic backing into Forbes, the 104-year-old media titan.
Binance CEO Changpeng Zhao / Photo credit: Coinpedia
Binance has also gained two out of Forbes’ nine board seats, with the crypto firm’s chief communications officer Patrick Hillmann and Binance Labs head Bill Chin appointed to the new positions.
The platform’s commitment would replace 50% of the US$400 million in investments that Forbes previously said would come from institutional investors. The amount will also help Forbes’s merger with Magnum Opus Acquisition, a Hong Kong-based blank-check company backed by investment firm L2. The deal is expected to take place in the first quarter of 2022.
“We look forward to bolstering Forbes’s digital initiatives as they evolve into a next level investment insights platform,” said Changpeng Zhao, founder and CEO of Binance.
Editing by Eileen C. Ang
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