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Crypto exchange operator Binance is taking a $200 million stake in Forbes

On Thursday, an unnamed source told CNBC News that the world’s largest cryptocurrency exchange, Binance, will invest $200 million in Forbes.

Binance is taking a $200 million stake in Forbes

Binance is making a strategic $200 million investment in Forbes ahead of its plan to go public through a special purpose buyout company in the first quarter of 2022. Binance’s investment will help Forbes as it transitions to a publicly traded entity through a special purpose acquisition company, or SPAC, according to people with knowledge of the deal.

When the deal is finalized in the first quarter of 2022, Forbes will begin trading on the New York Stock Exchange under the ticker symbol FRBS, sources revealed. The deal will make Binance one of the two largest investors in Forbes and grant the crypto exchange two director positions on the media company’s board of directors.

While Binance regularly invests in the crypto space, most recently contributing $40 million to the Oasis ecosystem fund, its stake in Forbes marks the exchange’s first investment in the crypto space, a traditional media company. Binance’s first commitment as an investor will replace half of the $400 million commitment from institutional investors announced by Forbes in August.

Binance’s investment in Forbes highlights the growing influence of the cryptocurrency sector in the world of traditional finance. The deal will likely set a precedent for other major players in the crypto industry to form partnerships with influential companies outside of the crypto space.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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