Binance, Led By The World’s Richest Crypto Billionaire, Is Taking A $200 Million Stake In Forbes

Binance, the world’s biggest crypto trading platform by trading activity, is investing $200 million in Forbes, the 104-year-old journal and internet media organisation.

According to people familiar with the process, the money will help Forbes merge with the publicly traded Special Purpose Company (SPAC) in the first quarter.

Insiders, who asked for anonymity because the deal has not yet been disclosed yet, noted that half of the $400 million pledged by institutional investors will be contributed by Binance.

Thus, Binance will become one of the two largest shareholders of Forbes, which will be publicly listed on the New York Stock Exchange under the ticker FRBS.

This deal is the industry’s first massive investment in a traditional U.S. media business.