San Francisco, Feb 11 (IANS): Crypto giant Binance has announced it is investing $200 million into 104-year-old publisher Forbes. The deal is part of a larger effort by Forbes to become a publicly traded company.
The transaction will see Binance chief communications officer Patrick Hillmann and head of Binance labs, Bill Chin, join Forbes' Board of Directors.
Changpeng Zhao, Founder and CEO of Binance, said in a tweet that they are a Blockchain company and "our investment in Forbes is to help them build Web3 infrastructure in the coming years".
"As Web3 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," Zhao said on Thursday.
Forbes said that going public would enable it to "further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams."
"Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets," said Forbes CEO Mike Federle.
"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".
The investment from Binance will come through the blockchain platform's "assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity that was previously announced alongside the news about Forbes' deal with Magnum Opus."
Forbes editorial independence is and will always be sacrosanct, said Zhao.
"Like many fast-growing, innovative companies, Binance is used to media scrutiny. That's a necessary reality when you are the leader of a disruptive industry," he added.