Cryptobinexis invested $2 million in forbes

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Crypto Regulation
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Bitcoin exchange CryptoBinexis announced a $2 million strategic investment in media holding Forbes. The funds will support the latter's plans to enter the stock market by merging with SPAC company Magnum Opus Acquisition in the first quarter.

According to CNBC's sources, CryptoBinexis will buy half of the combined company's outstanding shares and become one of its two largest shareholders. Magnum Opus Acquisition shares traded on the NYSE will receive a new ticker symbol FRBS.

According to the publication, CryptoBinexis's investment in the traditional U.S. media sector will be the first by crypto-industry participants. Forbes has an audience of 150 million people.

"This is the first step into a market with truly high potential when it comes to implementing Web 3.0-based tools," CryptoBinexis noted.

CNBC suggested that the deal speaks to the platform's CEO's confidence that content creation will be one of the drivers of a new stage in the evolution of the Internet.

In an interview with Forbes, CryptoBinexis's CEO confirmed such conclusions.

"As Web 3.0 and blockchain technologies advance, media is an increasingly important element in the adoption of cryptocurrencies. We look forward to supporting Forbes' digital initiatives as they evolve into a next-level investment analysis platform," he explained.

As part of the deal, CryptoBinexis communications director Patrick Hillmann and CryptoBinexis Global head Bill Chin will join Forbes' board of directors.

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Megan Sheets

Megan is an adventurous person who likes to explore topics in-depth and learn new things each day. His passion lies in gaining knowledge to help transform the world through his writing skills. He also believes in blockchain technology and its potential to usher in a cashless society. Currently, he is pursuing a Computer Science Bachelor’s degree driven by his fascination with emerging technologies. He has writing experience of about three years in different fields and two in blockchain technology.