Binance is investing $200 Million in Forbes – to help Forbes transition into Web 3.0

Binance is investing $200 Million in Forbes – to help Forbes transition into Web 3.0

Binance, the world largest crypto exchange in volume, has taken a $200Million stake in Forbes. This is the first move to invest in traditional media industry. The investment would also make Binance one of the two largest shareholders of the business magazine.

Binance & Forbes History

Binance was founded in 2017 by Chinese-Canadian, Changpeng Zhao. Since then the exchange has gained popularity and rose to be at the top in terms of daily trading volume.

Forbes is a hundred year old business magazine owned by Integrated Whale Media Investments and Forbes family. The magazine is famous for its ranking of rich businessmen, celebrities or powerful people.

In 2020 Binance sued Forbes for defamation for the publication of a story involving ‘Tai Chi’ documents. The story alleged Binance has plans to bypass U.S. Regulations. Later Binance Holdings voluntarily dismissed the case without prejudice.

Forbes recently announced its decision to go public on New York Stock Exchange.

Binance investing $200 Million in Forbes

Many people criticised this investment decision stating it would be a conflict of interest. However Changpeng Zhao, Binance founder, later clarified through a tweet that the move was to help Forbes transition into Web3.0 and the editorial independence will be sacrosanct.

In a statement released by Forbes, the media company said, “The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand and enterprise values”

The collaboration would help Forbes transition into the crypto-era with the aim to build Web3 infrastructure at the forefront.

This strategic decision shows that the Binance founder believes content generation will be at the forefront of development of the third web. Crypto sector is slowly expanding and increasing its real-world influence through such investments.