Crypto Market Binance Investing $200 Million in Forbes
Binance, the world's largest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, a print and digital publisher, founded in 1917 and best known for the magazine of the same name. The funding from Binance is supposed to assist Forbes in completing a planned merger with a special purpose acquisition company (SPAC) in the first quarter of 2022.
Forbes announced in August 2021 that it had obtained commitments of $400 million from institutional investors. Binance reportedly is stepping in to fund half that amount, despite growing skepticism about SPAC deals, especially those involving media companies. If the deal proceeds, Binance will be one of the two largest owners of Forbes, with two out of nine board seats. Forbes plans to be listed on the New York Stock Exchange (NYSE) under the symbol FRBS.
Binance founder and CEO Changpeng Zhao, who prefers to be called simply «CZ,» has an estimated net worth of at least $96 billion, according to Bloomberg. This makes him by far the richest cryptocurrency entrepreneur.
Binance reports having an average daily volume of 2.0 billion transactions, or 1.4 million transactions per second. Binance Coin (BNB) is the native asset on Binance Chain, a blockchain software system developed by Binance and the community.
Binance says: «Our mission is to be the infrastructure services provider for the blockchain ecosystem.» It also says: «Our vision is to increase the freedom of money globally. We believe that by spreading this freedom, we can significantly improve lives around the world.»
Forbes magazine, the flagship offering of Forbes, was launched in 1917 by the grandfather of longtime editor-in-chief and two-time U.S. presidential candidate Steve Forbes. In 2014,
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