The platform promises not to interfere with editorial policy.
The world’s largest cryptocurrency exchange Binance is investing $200 million in the Forbes Media publishing group, which owns the rights to publish Forbes magazine and publishes this magazine in the United States, a representative of the trading platform said, Forbes writes.
Binance will advise Forbes on Web3 strategy and digital initiatives, according to a spokesperson for the platform. Binance Chief Communications Officer Patrick Hillmann and Binance Labs Chairman Bill Chin will join the Forbes Board of Directors. Check out other possibilities on how to trade crypto here – biticodes app
The exchange explained that its investment in Forbes is primarily a financial investment in the media industry: Binance believes that Web3 can play an equally important role in the future of journalism and publishing than Web2, which affected the media sector.
“We strongly believe that Forbes is a place where people interested in the emerging world of digital assets can become true leaders in the field through our joint efforts,” added a Binance representative.
He emphasized that the editorial independence of Forbes “will remain intact and completely independent” of the trading platform.
Forbes CEO Mike Federle, in turn, noted that the publication aims to provide useful information about blockchain and new digital assets.
“Thanks to Binance’s investment, we have the experience and resources of the world’s leading cryptocurrency exchange and one of the most successful blockchain innovators,” Federle said, adding that with the help of people interested in the world of digital assets, Forbes can become a leader in the field. Read more at biti app ai
This amount of investment will make Binance one of the two largest shareholders of the global Forbes, according to CNBC sources. In 2014, the Hong Kong company Integrated Whale Media bought a majority stake in Forbes Media, the owner of the magazine of the same name.
CNBC notes that the raised investment will help the publisher implement its plan to go public through a merger with SPAC company Magnum Opus Acquisition, which was created and floated on the stock market specifically for the upcoming merger.