Major cryptocurrency exchange Binance will make a $200 million investment in Forbes, the media organization said on Thursday, with the platform taking a stake through publicity traded special purchase acquisition company (SPAC).
The venture by Binance, the world’s greatest crypto trade by trading volumes, will replace half of the $400 million in commitments from investors previously announced by Forbes and SPAC Magnum Opus Acquisition Limited.
The arrangement is expected to close by the end of March, Forbes and Magnum Opus said in a statement.
“The transactions with Magnum Opus and Binance are expected to help Forbes maximize its brand enterprise values,” the media organization said.
Forbes said in August that it would open up to the world about SPACcompany Magnum Opus trying to expand on its digital transition and seek after further chances for growth.
In February last year, Binance dropped a lawsuit against Forbes. It had in 2020 sued the organization and two journalists over a story Forbes published in regards to the exchanges corporate structure.