Binance, the world’s largest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, a print and digital publisher, founded in 1917 and best known for the magazine of the same name.
If the deal proceeds, Binance will be one of the two largest owners of Forbes, with two out of nine board seats.
Binance founder and CEO Changpeng Zhao, who prefers to be called simply “CZ,” has an estimated net worth of at least $96 billion, according to Bloomberg.
Forbes magazine, the flagship offering of Forbes, was launched in 1917 by the grandfather of longtime editor-in-chief and two-time U.S.
Forbes, which also has branched into digital publishing, has been diversifying its revenue through licensing deals, e-commerce, and direct-to-consumer efforts.
Binance founder and CEO Changpeng Zhao sees supporting media as a way to boost consumer knowledge and adoption of crypto.
In April 2020, Binance acquired CoinMarketCap, the most popular crypto website with 187 million visits as of August 2021.
Forbes CEO Mike Federle stated: “Forbes is committed to demystifying the complexities and providing helpful information about blockchain technologies and all emerging digital assets.