Cryptocurrency

Crypto exchange Binance to take $200 million stake in Forbes

Forbes will invest $200 million in Binance, a major cryptocurrency exchange, according to the media company. Forbes will acquire a stake through a publicly traded special-purpose acquisition company (SPAC).

Binance will invest half the $400 million already committed by investors by Forbes and SPAC Magnum Opus Acquisition Limited.

Magnum Opus and Forbes stated in a statement that the deal should close by March 31st.

The media company stated that transactions with Magnum Opus, Binance and other companies are expected to help Forbes increase its brand and enterprise value.

Forbes announced in August it would be going public with SPAC company Magnum Opus to help continue its digital transformation and increase its chances of growth.

Binance fell to a minus of 5% in February 2013. Lawsuit against Forbes. It did in 2020 The company was sued Forbes published a Forbes story about the exchange’s corporate structure that was shared by two journalists.