Binance invests $200 million to become one of the two major shareholders, Zhao Changpeng: Using blockchain and cryptocurrency to assist Forbes in transitioning to Web3

Binance has completed a $200 million strategic investment in the traditional media giant Forbes, becoming one of the two major shareholders of Forbes. It is said that Binance will assist Forbes in transitioning to the Web3 domain and with its listing plans.

CNBC cited anonymous sources in its report, including key points revealed by Binance founder Zhao Changpeng CZ on Twitter:

• In 2014, Forbes sold 95% of its shares for $475 million to Integrated Whale Media, making Binance one of the two major shareholders.
• Forbes has two board members appointed by Binance.
• CZ: The editorial independence of Forbes is sacred and inviolable.
• CZ: The investment is aimed at assisting Forbes in building Web3 infrastructure in the coming years.
• Sources: Planned SPAC merger in the first quarter.
• Sources: Binance replaced Forbes in August by providing 50% of the $400 million financing announced for institutional investors.

In the interview, CZ stated:

Forbes is a typical Web 1.0 traditional company that has been operating for 100 years, and most media businesses face challenges in transformation. We will assist Forbes in transitioning to Web 3.0 through blockchain and cryptocurrency, which will be Binance's main goal.

The host asked if the regulatory challenges Binance faced in the past year would conflict with the construction of "Forbes Web 3.0"?

CZ emphasized that the two are not in conflict, as Binance is not solely focused on media businesses. It will continue to make acquisitions in various fields and actively recruit compliance professionals, obtain relevant licenses to ensure legal compliance.