Binance to Help Forbes with Public Listing Through $200 Million Investment

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Binance continues to wax stronger in its expansion ambition, as it aims to push its relevance in the financial world by investing in one of the most recognized financial magazines and digital publishers, Forbes. Recent reports show that the behemoth exchange has agreed to invest $200 million in the global brand to help in its merger plans with SPAC. The latest update came from prominent financial reporters CNBC yesterday, citing unnamed sources.

As mentioned earlier, the plan behind this proposed investment is to help the financial magazine company merge with the publicly-traded Special Purpose Acquisition Company (SPAC) by the end of Q1 2022.

Reports show that Binance will supplant 50% of the commitments made by institutional investors worth $400 million, which should make the crypto exchange the second-largest stakeholder of Forbes after the public listing.

The giant financial magazine company plans to list on the New York Stock Exchange (NYSE) under the ticker “FRBS.” The CNBC report also revealed that Binance would have two out of the nine total board seats.

Forbes came into existence in September 1917 and is currently owned and managed by Integrated Whale Media Investments (95%) and the Forbes family (5%). The company boasts of a reader base of over 150 million people.

That said, the news has yet to have any effect on Binance’s native token Binance Coin (BNB), as the coin currently trades in neutral conditions.

Key Binance Coin Levels to Watch — February 11

After a modest bullish comeback last Friday, Binance Coin has lost its upbeat momentum at the $436 resistance and has recorded lower highs ever since the loss of traction. This bearish undertone coincides with the top of my multi-month descending wedge, which has consistently kept BNB from a bullish breakout since November.

That said, should BNB capitalize on the upbeat sentiment around the broader market and breach the wedge top, we could witness a rapid rise away from the line and towards the $500 resistance. Bulls need to defend the $410 support line to use as a launchpad to breach the wedge in the coming days.

Meanwhile, my resistance levels are 436, $450, and $460, and my support levels are $410, $380, and $350.

Total Market Capitalization: $1.98 trillion

Binance Coin Market Capitalization: $68.8 billion

Binance Coin Dominance: 3.46 %

Market Rank: #4