Binance is making a $200 million strategic investment in Forbes to bolster Web3

ComplianceX | Jack J. Kelly | Feb 10, 2022

Binane invests in Forbes - Binance is making a $200 million strategic investment in Forbes to bolster Web3

That would make Binance one of the top two biggest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker FRBS, the people said. The crypto company will also get two directors out of nine total board seats, they said.

The move shows the increasing real-world influence of the crypto sector, which has seen surging valuations and minted a new class of billionaires amid global interest in digital assets. While crypto companies have gone public, affixed their names to sports arenas and flooded airwaves with celebrity endorsements, this is the sector’s first big investment in a traditional U.S. media property.

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The investment by Binance, founded barely five years ago, is an indication that Zhao believes content generation will be a growth area for Web 3.0 development. Web 3.0 refers to a more decentralized version of the internet that uses the blockchain, which also underpins cryptocurrencies and non-fungible tokens, or NFTs.

“This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0-based tools,” said a person with knowledge of Binance’s strategy. “Our industry has seen a ton of growth and we think you’d have to be a fool to not position yourself in those sectors that are ripe for infrastructure investment.”

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