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The richest crypto billionaire, Changpeng Zhao, founder and CEO of Binance is going to invest a wholesome amount of $200 million into 104-year-old publisher Forbes.
On account of which, expressing his thankfulness, 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 world 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.”
Forbes is best known for its rankings of the world's wealthiest people, but in recent years it has attempted to broaden its business.
With this $200 million investment, Forbes plans on going public via a special purpose acquisition company(SPAC).
This investment by Binance will replace half of the $400 million in private placement commitments already announced by Forbes and SPAC company Magnum Opus Acquisition Limited.
For people who are wondering what exactly is SPAC?
SPAC refers to shell companies that raise money in an initial public offering (IPO) and put it in a trust for the purpose of merging with a private company and taking it public.
Chief Communications Officer Patrick Hillman and the head of Binance's venture capital firm Bill Chin will join Forbes' board of directors to close the deal.
According to Changpeng Zhao, the CEO of Binance, the investment is directed to helping Forbes transition to the “web3”, which refers to a new generation of internet applications that uses blockchain technology, and decentralized structures.
It is interesting to note, that this investment comes after Binance has been severe regulatory hurdles in the US and overseas.
Although Binance states, that it is eager to work with regulators to resolve any inefficiencies in the system.
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