Binance, the world’s largest cryptocurrency exchange, makes a $200 million strategic investment in Forbes. According to people with knowledge of the deal, the funds will help Forbes execute its plan to merge with a publicly traded special purpose acquisition company, or SPAC, in the first quarter. In recent months, investors have grown sceptical of SPAC deals generally, and media deals in particular, amid the broader stock market retrenchment. Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August, said the people, who declined to be identified before the transaction is announced.

That would make Binance one of the top two most prominent owners of Forbes, which will be listed on the New York Stock Exchange under the ticker FRBS, the people said. The crypto company will also get two directors out of nine total board seats, they said. The move shows the increasing real-world influence of the crypto sector, which has seen surging valuations and minted a new class of billionaires amid global interest in digital assets. While crypto companies have gone public, affixed their names to sports arenas and flooded airwaves with celebrity endorsements, this is the sector’s first significant investment in a traditional U.S. media property.