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Binance invests in media for blockchain learning

Cryptocurrency player Binance is going old school, making a $ 200 million investment in the Forbes media brand through SPAC Investments.

Forbes is set to open by the end of the first quarter through the acquisition of Magnum Opus Acquisition Ltd., a special purpose vehicle (SPAC) that is already listed on the New York Stock Exchange.

Binance is investing in the deal through a $ 200 million commitment totaling $ 400 million in private equity investment, or PIPE, according to a Forbes press release on Friday. PIPEs are common in SPAC transactions because the SPAC organization may not have initially raised enough equity to complete its planned business combinations.

The size of the PIPE deal will remain at $ 400 million, and Binance will take over existing signing agreements, the statement said.

Under the deal, Binance will advise Forbes on its digital assets and Web3 strategy, the statement said. Web3 is a conceptually new iteration of the World Wide Web based on blockchain technology, but not yet implemented.

Forbes seeks to explain the complexities and provide useful information about blockchain technology and all new digital assets, said Mike Federle, CEO of Forbes, in a statement. Thanks to Binance’s investment in Forbes, we now have the expertise, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators.

Changpeng Zhao, founder and CEO of Binance, added that the media is an important element for a broad understanding of blockchain technology consumers.

We look forward to supporting Forbes ’digital initiatives as they become a platform for next-level investment information, Zhao said in a statement.

As part of the deal, Patrick Hillman, Binance’s director of communications, and Bill Chin, head of Binance Labs, which is a division and incubator of Binance’s venture capital, will join Forbes ’board of directors, the statement said.

Earlier, Forbes said that the total acquisition of Forbes estimates the combined company at an estimated proforma value of the enterprise of $ 630 million.

https://www.retailnews.asia/binance-invests-in-media-to-educate-on-blockchain/?utm_source=rss&utm_medium=rss&utm_campaign=binance-invests-in-media-to-educate-on-blockchain Binance invests in media for blockchain learning

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