The digital crypto exchange "Binance" has announced that it will buy a share in the financial magazine "Forbes" worth 200 million dollars, write the British media, as reported by Hina.
Forbes was founded in 1917 and has been family-owned for decades, famous for tracking the titans of the business world and ranking the world's billionaires.
However, like many others in the media sector, it has struggled with the transition to the digital format, and Bynnes' investment should help it become a leader in reporting on digital assets, such as bitcoin.
In the announcement of the investment, the founder of "Bynense" Chengpeng "CZ" Zhao said that he considers the media "an essential element for understanding and educating a wide range of consumers" about the crypto market and new "blockchain" technologies.
The Chinese-Canadian billionaire, whose net worth is estimated at nearly $100 billion, took to Twitter afterward to clarify that his focus is on helping Forbes build its technology, calling Forbes' editorial independence "sacred."
Zhao told CNBC that his firm wants to invest in other traditional media companies as well, as it wants to advance the adoption of "blockchain," a system for recording transactions that uses a shared, decentralized ledger.
This purchase has sparked a debate about a possible conflict of interest, notes the BBC.
Analysts, however, have noted that crypto-assets have proven particularly vulnerable to celebrity manipulation and media hype, which has alarmed regulators around the world.
In 2020, "Bynens" sued Forbes for defamation, but subsequently dropped the lawsuit, the BBC reminds.
Bonus video:
