Binance invests $200 million in media company Forbes…why?


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In one of the most outlandish investments recently, Binance, the world’s largest cryptocurrency exchange, announced that it has invested $200 million in the media and media company Forbes Media LLC, which is behind Forbes magazine.

We described the investment process as strange because the two companies are far from each other.

Binance’s investment in Forbes:

Binance’s strategic investment of $200 million will go to Forbes and Magnus Opus Acquisition Ltd.

With its $200 million investment, Binance will make up half of a $400 million private investment in public equity as part of the SPAC acquisition.

The deal is positioned as helping Forbes to maximize its brand value and use its proprietary suite of technology and analytics.

By doing so, Forbes says, it will convert readers into long-term engaged customers of the platform, including through membership, recurring subscriptions to premium content, and highly targeted product offerings.

This is all good, but what potential benefit can Binance have in a 104-year-old media company?

The interest appears to be a combination of benefit and support for Forbes in its digital endeavours.

Mike Federell, CEO of Forbes, told:

Through Binance’s investment in Forbes, we now have the expertise, network and resources of the world’s leading cryptocurrency exchange and one of the world’s most successful blockchain innovators.

Forbes, which is already a resource for people interested in the emerging world of digital assets, can become a true leader in this field with their help.

While CZ, founder and CEO of Binance, commented:

As Web 3.0 and blockchain technologies move forward and the cryptocurrency market matures, we know that media is an essential component of building broad consumer understanding and education.

We look forward to strengthening Forbes’ digital initiatives, as they evolve into a next-level investment insights platform.

Having Forbes as a partially owned media outlet promoting Binance and the broader cryptocurrency blockchain space makes sense.

The idea that Forbes could be a cryptocurrency investment platform is also an interesting one.

But others are somewhat skeptical.

Martin Pierce of The Information stated that the deal is related to the implementation of the SPAC acquisition and is in fact similar to the one made by BuzzFeed Inc.

Buzzfeed went public via SPAC in December and its shares have since fallen.

Read also:

Samsung unveils a crypto wallet for storing digital currencies on its new smartphone S22

21Shares Inc. Lists “MANA” and “FTT” Coins in Its ETP Fund Listed on the Swiss BX Exchange

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