Forbes Receives $200M From Binance as It Eyes NYSE Listing

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Forbes Receives $200M From Binance as It Eyes NYSE Listing
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.Forbes has confirmed it's received a $200 million investment from binance to accelerate its digital growth. By parikshitm899

Digital publisher Forbes and Magnum Opus Acquisition Limited received a $200 million investment from cryptocurrency exchange Binance.

Forbes is looking to list on the New York Stock Exchange through a merger with Magnum Opus, which is a special purpose acquisition company , under the ticker symbol “FRBS."press releaseForbes is the publisher behind the iconic magazine of the same name and the annual list which ranks the world's richest people.

Binance will assume half of the $400 million commitments from institutional investors, which was announced in August, effectively making it one of the two biggest owners of the publication. Patrick Hillmann, chief communications officer at Binance, and Bill Chin, head of Binance Labs, will join the Forbes board upon the closure of the combined transaction, which is expected in the first quarter.

“As Web 3 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. We look forward to bolstering Forbes’ Digital initiatives, as they evolve into a next level investment insights platform,” said Changpeng"CZ" Zhao, founder and CEO of Binance.

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