Binance bought part of Forbes financial media
The crypto exchange to take 2 board seats, investing $200 million
11.02.2022 - 08:00
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What’s new? The Binance cryptocurrency exchange has invested $200 million in the 104-year-old Forbes magazine. Binance will take 2 of the 9 seats on the financial media’s board of directors, CNBC reports. Forbes CEO Mike Federle stated that the merger gave them the resources, experienced staff, and a large user base.
What does this deal say about the crypto market? After buying Forbes’ stake, the crypto exchange became one of the largest owners of the magazine. For Binance, it was the first such large investment. This deal shows the growing influence of the crypto sector on the rest of the industry.
In addition to the Forbes and Binance merger, another major development happened in January: BitMex bought a stake from the German bank, Bankhaus von der Heydt. CNBC’s insiders report that there will be a flood of similar deals this year, as cryptocurrency companies begin to use into accumulated funds.
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