finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

Binance Pushes Web 3.0 Ambitions Forward With $200 Million Investment In Forbes

Binance, the world’s largest cryptocurrency exchange, is making a $200 million strategic investment in 104-year-old digital publisher and magazine Forbes.

Posted: 11th February 2022 by
Finance Monthly
Share this article

The investment by Binance, founded by Changpeng Zhao in 2017, is an indication that its founder believes content generation will be a growth area for Web 3.0 development. Web 3.0 refers to a more decentralised version of the internet that uses the blockchain, which also supports non-fungible tokens (NFTs) and cryptocurrencies such as bitcoin.

As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education,” said Zhao.

This is the first step into a marketplace that has really high potential when it comes to adoption of Web 3.0-based tools,” a person with knowledge of Binance’s strategy told CNBC. “Our industry has seen a ton of growth and we think you’d have to be a fool to not position yourself in those sectors that are ripe for infrastructure investment.”

Forbes CEO Mike Federle has said Binance’s investment will help the company get the experience, network, and resources of the world’s leading crypto exchange.  

However, back in 2020, Binance sued Forbes and two of its writers following the publication of a story that claimed Binance “conceived an elaborate corporate structure designed to intentionally deceive regulators.” The crypto exchange denied the allegations and claimed the story had cost it millions of dollars. Binance dropped its lawsuit against Forbes in February last year.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram