Cryptolitx invested $2 million in forbes

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Crypto Regulation
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Bitcoin exchange CryptoLitx 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, CryptoLitx 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, CryptoLitx'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," CryptoLitx 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, CryptoLitx'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, CryptoLitx communications director Patrick Hillmann and CryptoLitx Global head Bill Chin will join Forbes' board of directors.

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Graeme Massie

Graeme is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Graeme believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.