Popular crypto company Binance is investing $200 million into legacy media company Forbes; and the partnership was announced on Thursday, February 10, 2022.
According to Forbes, it needs the money to achieve its plans of an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE).
The press release also mentioned that once the deal pulls through, it would make Binance one of the top two biggest owners of Forbes. Binance will get two seats out of the nine available on the company’s board of directors.
Patrick Hillmann, Chief Communications Officer for Binance and Bill Chin, Head of Binance Labs, the Venture Capital Arm and Incubator of Binance, have been picked as the Binance Executives that would join the Forbes Board.
Speaking about how the investment would promote crypto enthusiasts education, Mike Federle, the CEO of Forbes said, “Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets.
With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators.
Forbes, already a resource for people interested in the emerging world of digital assets, can become a true leader in the field with their help.”
While Binance’s CEO and Founder, Changpeng ‘CZ’ Zhao had this to say about the move:
“As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education.
We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.”
The investment comes as a surprise and an eye opener for the dominance which crypto companies are garnering.
CZ, the founder of Binance, is estimated to be worth about $96 billion and the company is still in its infancy stage with barely five years of existence. Meanwhile, Forbes has been in existence for 104 years.
