Eyebrows Raise As Binance Announces A $200m Investment Into Forbes

Binance, the world’s largest cryptocurrency exchange by trading volume, recently announced that it is making a $200 million investment into Forbes.

The move came as a surprise to many in and out of the crypto industry, mainly because this will make Binance one of the biggest investors in Forbes Global Media Holdings Inc. if the exchange goes through with the plan.

Binance has become a successful exchange and is potentially the fastest-growing company in crypto. The crypto bull run that took over the market in late 2020 and throughout 2021 allowed Binance and its founder and CEO, Changpeng Zhao, to amass quite a fortune.

Zhao’s estimated wealth, according to the Bloomberg Billionaires Index, is approximately $86.9 billion. If this assessment is accurate, it means that Zhao is the world’s 12th richest person, although the majority of his estimated wealth is tied to his exchange.

The exchange’s CEO commented on the Forbes investment, stating that Binance wishes to aid Forbes in making its transition to Web3 — the next version of the internet, which is expected to run on the blockchain.

Zhao also said that Binance might make additional investments in industries that could be disrupted by Web3’s arrival. He added that media is not the only industry that Binance is keeping an eye on.

In fact, Binance is paying close attention to almost every sector of traditional industries, and it will try to make investments, acquisitions, and do everything in its power to bring these industries and their leading companies to the world of blockchain.

It is also worth noting that Binance and Zhao have a torrid history with Forbes.

The exchange sued the media company in 2020, accusing it of defamation because of an article that indicated the exchange had circumvented US financial regulations.

However, after several months, the lawsuit was withdrawn, and the matter was dropped.

With this recent investment, it is safe to conclude that Binance and Forbes plan to work together in the future as more and more blockchain technologies come to the forefront of society.