Binance, the largest cryptocurrency exchange in the world, has decided to begin cleaning up its image and raise positive awareness about emerging blockchain technologies.
In order to do that, Binance will be making a $200 million strategic investment in US-based business media platform Forbes, as the exchange looks to “build widespread consumer understanding and education,” surrounding digital asset technologies and the broader crypto market. Binance founder Changpeng ‘CZ’ Zhao also told CNBC on Thursday that his company is looking to invest funds in other traditional companies as well, in an effort to progress the acceptance of blockchain.
Forbes welcomed the investment, saying the funds will help the media company become a leading supplier of information on virtual currencies such as bitcoin. Sources told CNBC that the money will help advance Forbes’ plan to eventually merge with a special purpose acquisition company. Binance will oust half of the $400 million in earmarked investments from institutional investors previously announced by Forbes, making the cryptocurrency exchange one of the two largest owners of the business media giant.
However, Binance’s investment is likely to raise concerns surrounding conflicts of interest, given that it could shift areas of business news coverage. Back in 2020, Forbes was sued by Binance for defamation, after the magazine published a piece regarding the exchange’s corporate structure. Binance later ended up dropping the case.
Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.