Crypto Exchange Binance to Invest 200 Million in Forbes: One of the largest crypto exchanges Binance in the world is going to invest $200 million in Forbes Magazine. The media brand, known for publishing its list of the world’s richest people, says the new agreement with Binance will help it launch as a top source of digital wealth information. However, Western media critics are skeptical of the deal, saying it could lead to conflicts of interest.
Binance filed a defamation suit against Forbes in 2020. The case was later dropped.
On the other hand, analysts say that the status of crypto assets is very fragile in contrast to the star personalities and media hype, and their hype and published news has a big impact on the cryptocurrency market. Market observers from around the world have called for caution.
In a statement announcing the new investment, Binance founder Changpeng Zhao said he sees the media as an “essential element in explaining and educating consumers about the crypto market and emerging blockchain technology.”
The Canadian millionaire is estimated to have a net worth of 1 trillion. Apart from Forbes, Zhao told CNBC that he is also looking for opportunities to invest in other mainstream companies.
Binance has come under fire from market observers around the world. Forbes, on the other hand, says the cryptocurrency exchange will help the trade publication with technology advice and brand growth. Forbes has claimed that the new agreement will not affect the published news. However, existing digital resources will collaborate with relevant teams and journalists in other sectors.
Forbes has maintained its independence for more than a century, regardless of who owns it, and it will not change. The integrity of our journalism is the most important asset of our brand, “Forbes spokesman Bill Hankes told the BBC.
The news of this new investment comes at a crucial moment in the crypto industry, the news agency said. In the last few years, the price of Bitcoin and other cryptocurrencies has increased hundreds of times. Various cryptocurrency-based organizations are trying to get involved in the mainstream business sector.
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Henri Arslanian, a cryptocurrency market analyst, said on Twitter. He told the BBC the investment would raise questions about whether the two companies would work independently.
Even if there is no direct conflict of interest, I think that attitude will remain, “he told the BBC.
Forbes was founded in 1917. For a long time, the company had established a separate position for publishing news related to international businesses owned by the family. But with the advancement of technology, Forbes, like other media organizations, has struggled to build a position from print to digital.
The Forbes family sold the company to Whale Media in Hong Kong in 2013. Forbes announced its launch as a public limited company on the New York Stock Exchange in August last year. In this work, the publication said that it would form an alliance with “Magnum Opus”. Magnum Opus was established to help various companies enter the stock market.
According to the BBC, the deal was valued at $630 million by Forbes. The deal is expected to be completed in the next few weeks, the BBC reported. Once the deal is completed, Forbes will receive 400 million in investment from new investors, half of which will come from Binance.
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Forbes CEO Mike Federle said: “Forbes is committed to providing collaborative information on blockchain technology and all emerging digital resources and solving all the mysteries associated with it.”
Through the investment of Forbes Binance, we now have the experience, network, and resources of the world’s top crypto exchanges and the world’s most successful blockchain innovator. With their help, Forbes will be able to reach the top position in this sector.
According to the BBC, Forbes has 150 million readers worldwide.
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