Leading Cryptocurrency Exchange 'Binance' To Invest $200 Mln In Forbes.

Leading Cryptocurrency Exchange 'Binance' To Invest $200 Mln In Forbes.

2022-02-11 | Selina Mathew

Leading Cryptocurrency Exchange 'Binance' To Invest $200 Mln In Forbes.

Binance, a prominent crypto exchange, would contribute $200 million in Forbes, the media firm announced on Thursday, with the network purchasing a stake via a publicly listed special purpose acquisition company (SPAC).

Binance's investment, the globe's largest cryptocurrency exchange by trading volume, would substitute 50% of the $400 million in investor pledges previously disclosed by Forbes as well as SPAC Magnum Opus Acquisition Limited.
Forbes as well as Magnum Opus claimed in a release that the acquisition is scheduled to completion by the conclusion of March.

Forbes announced in August that it will go public alongside SPAC business Magnum Opus in an endeavor to expand on its digital transformation and seek other opportunities for development.

Binance withdrew litigation against Forbes in February of the previous year. It had attacked the firm and two journalists in 2020 because of a Forbes piece about the exchange's business framework.

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