Cryptocurrency and blockchain infrastructure provider Binance has provided a $200 million strategic investment to business information brand Forbes. Binance will also help advise Forbes’ digital asset and Web3 strategy.
Binance’s investment will be through Binance’s assumption of subscription agreements representing $200 million of its $400 million private investment in public equity commitments. The overall size of the PIPE will remain at $400 million. The transaction is expected to help Forbes to grow its long-term customers through memberships and recurring subscriptions.
“Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets,” said Mike Federle, CEO of Forbes. “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.”
“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,” said Changpeng Zhao, founder and CEO of Binance. “We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform.”