LONDON: Major cryptocurrency exchange Binance is taking a $200 million stake in Forbes magazine, CNBC reported on Thursday, citing people familiar with the deal.
The investment from Binance will help Forbes complete a plan to merge with a publicly-traded special purpose acquisition company (SPAC) by the end of March, CNBC reported.
Binance, the world's biggest crypto exchange by trading volumes, will become one of the two largest owners of Forbes after its listing, CNBC said, citing sources. The Binance investment will replace half of the $400 million in commitments from investors previously announced, the report said.
Binance did not immediately respond to a request for comment on the report.