Crypto Exchange Binance Invests $200 Million 💰 in Forbes to Support SPAC

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Crypto Exchange Binance Invests $200 Million 💰 in Forbes to Support SPAC 

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Binance, the world’s biggest cryptocurrency exchange, has made a $200 million investment into U.S.-based business magazine and digital publisher Forbes.

This move of Binance comes as Forbes prepares to go public via a deal with SPAC company Magnum Opus Acquisition Limited.

This investment by the crypto exchange firm will replace half of the $400 million private investment in public equity or PIPE it previously announced as part of that deal.

“As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education,” said Binance CEO Changpeng Zhao.

“Binance’s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private investment in public equity (“PIPE”) that was previously announced along with Forbes’ intention to go public via a business combination with Magnum Opus,” Forbes detailed in its publication.

The investment will help Binance emerge as one of the top two biggest owners of Forbes. This deal will further bank upon Forbes growing digital proficiency through proprietary tech cluster and analytics tools.

Stationery Startup Papier Raises $50 Million in Series C 💵

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Papier, a London-based stationery startup that uses technology to bring highly non-tech products to the world, has raised $50 million in its Series C funding round.

The funding was led by Singular and saw participation from new investors including, DMG Ventures, Lansdowne Partners, and Kathaka. Existing investors Felix Capital and Beringea also participated in the funding round.

Founded in 2015 by Taymoor Atighetchi, Papier is a stationery startup that aims to inspire people to connect with each other more thoughtfully and more often.

With its unique offering, the startup has seen an opportunity to grow by simply doubling down on traditional objects approached in a way that appeals to today’s consumers.

Papier will use the fresh funds to expand into the US and continue growing offerings with more paper-based products, as well as pens and other essentials that you can store on your physical desktop, which could include writing utensils like pens and pencils, desk storage, among others products that support writing.

Bitcoin’s Hash Rate Hits New All-Time High 🆙️

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The mining hash rate of the Bitcoin network reached a new all-time high of 248.11 million terahashes per second (TH/s) as of February 12.

The new mining hashrate of the leading cryptocurrency has further secured the decentralized ecosystem through a growing network of global BTC miners.

The hash rate on the BTC network rose by 31.69% from 188.40 EH/s to 248.11 EH/s in just one day.

This recent surge has ensured further security against attacks by preventing bad actors from confirming fraudulent transactions.

In the past, China was the center of the crypto industry, with more than 65% of the global bitcoin mining taking place in the country.

However, China’s ban on cryptocurrency mining and trading had raised concerns about the security of the bitcoin network.

Now, months later, the bitcoin hash rate has rallied strongly, soared past pre-China ban levels, and surpassed its previous all-time high as miners are eventually finding safe havens in other crypto-friendly countries.

Chinese 🇨🇳 Chipmaker SMIC Posts Record Revenue in 2021

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Semiconductor Manufacturing International Corporation (SMIC), the Chinese-based largest chipmaker, reported record revenue and a surge in profit last year, owning to global chip shortage and strong demand.

SMIC posted its gross profit at $552.8 million during Q4 2021, up 212.7% year-on-year, as compared to $176.8 million reported in Q4 2020.

The company reported $5.4 billion in revenue in 2021, up 39% year-on-year, while its net profit surged by 138% year-on-year to $1.7 billion.

This record performance by the chipmaker came despite the company being put on a U.S. trade blacklist called the Entity List in 2020.

“The global shortage of chips and the strong demand for local and indigenous manufacturing brought the Company a rare opportunity, while the restrictions of the ‘Entity List’ set many obstacles to the Company’s development,” SMIC said in a statement.

SMIC has the largest and most advanced semiconductor manufacturing facility in China, thanks in part to backing from the government, which sees chip-making as key to efforts to bolster an indigenous, advanced chip industry.

Around the Web 🌐

India’s Life Insurance Corporation Files IPO Papers: Life Insurance Corporation of India (LIC), the Indian government-run insurer, has filed its draft share sale prospectus with the market regulator Securities and Exchange Board of India (SEBI), paving way for the country’s largest IPO. The company plans to sell 5% of its shares to raise nearly $8 billion, possibly becoming India’s most valuable listed company after getting listed on the stock exchange.

Netflix to Come up With New Series on Bitfinex Hack: Streaming company Netflix has announced saying it will soon produce a documentary series on the Bitfinex hack of 2016. The documentary will be centered on a New York-based couple and their link to one of the biggest financial crimes, which involved stealing 119,756 bitcoins.


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