Testycrypto invested $2 million in forbes

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

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Gustaf Kilander

Gustaf is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.