Crypto Exchange Binance receives 200 million dollar part of Forbes
Crypto Exchange Binance receives 200 million dollar part of Forbes
- "Web2 had a profound influence on the media sector and ... We believe that web3 could play an equally important role in the future of journalism and publishing," a spokesman for Binance told Blockworks
- This deal is another example of the growing presence of crypto companies on the mainstream market
Binance, one of the largest cryptocurrency exchanges in the world, made a strategic investment of $ 200 million in the global media company Forbes.
"First and foremost, this is a financial investment in the media industry," a spokesman for Binance told Blockworks. "Web2 had a profound influence on the media sector and we at Binance believe that web3 could play an equally important role in the future of journalism and the publisher."
As part of the investment, Patrick Hilmann, Chief Communications Officer at Binance, and Bill Chin, head of the Risk capital division of Binance Labs, are expected to enter the Forbes Board of Directors after completing the transaction.
Forbes was founded in September 1917 and is almost 105 years old. It is known for its Forbes 30 Under 30 list as well as its billionaire list that records the richest people in the world.
The founder and CEO of Binance, Changpeng 'Cz' Zhao, was classified 22 "Singapores 50 Richest" in August 2021 with a net assets of $ 1.9 billion at this time. However, estimates differ; Last month, Zhao's net assets were estimated at $ 96 billion $ $ 96 billion Bloomberg-milliarsindex .
"While web3 and blockchain technologies are developing and the cryptom market is growing, we know that media are an essential element to build a broad consumer understanding and comprehensive information," said Zhao in a press release. "We look forward to supporting the digital initiatives of Forbes while developing into a platform for investment knowledge of the next level."
Binance started in 2017 and quickly developed into the world's greatest cryptocurrency exchange in the world. Data from Coinmarketcap shows. On Thursday, Binance had a 24-hour volume of $ 19.51 billion, more than five times the volume of the second largest stock exchange, coin base, which had $ 3.46 billion.
As part of his private placement,Forbes was looking for capital of $ 400 million $ $ 100 million projects on his Binance Smart with an accelerator-Fonds and in October 2021 a fund of 1 billion US dollar was set up to speed up the introduction of crypto on a broader basis.
"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.
Federle added that forbes can be a “true market leader” in the emerging world of digital assets with the help of Binance.
Forbes was not available for an immediate statement on Thursday.
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The contribution Crypto Exchange Binance receives 200 million dollar share of Forbes is not a financial advice.