Binance, a multibillion-dollar cryptocurrency exchange firm takes a large stake in the highly renowned magazine publisher and pillar of traditional media, Forbes. The deal could potentially have far-reaching importance. Changpeng “CZ” Zhao’s $200 million investment in Forbes may be seen as a climacteric moment in the crypto business. It reflects the digital currency industry’s expanding purchasing power and need for legitimacy through holdings in traditional sectors. The deal, which makes Binance one of the two largest shareholders, offers a huge crypto firm considerably more media influence than any of the sports sponsorship deals that were trending in 2021. What does the investment signal for the future of crypto and media? The agreement, which comes parallel to bitcoin TV advertising appearing in the coveted Super Bowl slot earlier this month, is another indicator that cryptocurrency is moving closer to the mainstream. It also shows that established enterprises, such as conventional news organizations, see the crypto sector as more than a passing craze and feel they can benefit from their technical skills as well as finance. According to Forbes, the transaction would help maximize the worth of the brand and the enterprise and appoint technology stack and analytics to convert readers into long-term engaged consumers. The deal is anticipated to close in the first half of the year. Mike Federle, CEO of Forbes adds that Binance...
