Binance to Invest $200M in Forbes: Report

Binance to Invest $200M in Forbes: Report
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Binance to Invest $200M in Forbes: Report

Cryptocurrency exchange Binance is making a $200 million strategic investment in digital publisher Forbes, CNBC reported on Thursday.

  • Forbes will use the funds to plan its merger with a special purpose acquisition company (SPAC), expected in the first quarter, the report said, citing people with knowledge of the deal.
  • Binance will replace half of the $400 million commitments from institutional investors, which was announced in August, effectively making it one of two biggest owners of the publication, the report added.
  • The crypto exchange, which is led by CEO Changpeng Zhao, will also get two directors out of nine total board seats, the report said.

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