Binance plans to take over a 200 million dollar participation in the US Economic Media Group for Forbes

The cryptocurrency exchange Binance plans to participate $ 200 million in Forbes, since the centuries-old US economy magazine wants to go to the stock exchange via a blank check company.

Forbes has searched for additional capital of $ 400 million, as part of his plans to go to the stock exchange, as part of his plans to connect to the Magnum Opus Acquisition for the Zweckgesellschaft Limited, a transaction that is expected to rate the business title at $ 630 million.

The proposed investment of Binance Capital Management through private placement would mean that two top executives from the Krypto exchange would take over board seats at Forbes.

A bony spokesman said the exchange group would not be involved in the editorial operations of Forbes. The companies said that the deal would help Forbes increase its digital ambitions.

"With the investment of Binance in Forbes, we now have the experience, the network and the resources of the world's leading crypto exchange and one of the most successful blockchain innovators in the world," said Mike Federle, CEO von Forbes. "Forbes, already a resource for people who are interested in the emerging world of digital assets, can become a real market leader in this field with their help."

The deal represents a large advance in the mainstream media for a cryptofirm.

Forbes, which was founded by Bertie Charles Forbes and Walter Drey more than a century ago, published his first edition in 1917 and is known for pursuing the richest people in the world, including those who have earned their money in recent years with the rise of cryptocurrencies.

The company concluded a contract with Magnum Opus Acquisition in August, a SPAC that is supported by private investment company L2 Capital and is expected to apply $ 600 million of new investments.

The Forbes magazine is primarily known for its billionaire list and has recorded the rise of the ultra-rich in recent decades, whereby its data has often been licensed by economists that deal with assets. In 2018 it began to set up a wealth database that rated cryptocurrency billionaires, and also started lists that aim to put promising cryptocurrency start-ups in the spotlight.

Among the crypto billionaires that Forbes estimates, Changpeng "CZ" Zhao, founder of Binance, who, according to the magazine, has a net assets of $ 1.9 billion and adorned his cover in 2018.