It was only a matter of time before Forbes jumped head first in the crypto world, and it’s done so with an almighty splash. Forbes has officially licensed its brand to a new cryptocurrency price aggregation website called Forbes CryptoMarkets. It provides real-time price information for over a thousand cryptocurrencies, which it also tracks five cryptocurrency indices. However, these five indices are its own indices and it’s yet to add an external option. The new website also features classic hard-hitting Forbes style financial journalism through an updated news portal.
The Formation of a Questionable Partnership
Forbes has chosen to partner with Trade.io, who this week announced that it had one of its cold storage wallets hacked. Cold storage wallets are largely seen as impregnable and totally hack proof, but Trade.io left a gaping hole in its system that allowed hackers to somehow gain access to the system that releases funds from cold storage. Seeing as this new site simply aggregates the prices of cryptocurrencies rather than providing trading, its users have nothing to fear, even if Trade.io makes a similar blunder again.
Institutional Investors Entering Crypto Markets
Scores of exchanges and fund houses are finally giving institutional investors the ability to invest in the crypto markets, but these investors aren’t satisfied with sites like CoinMarketCap. These types of investors prefer to trust data from big names in the financial sector that command respect – this is where Forbes steps in. By using its powerful brand name, Forbes has created a trusted platform for institutional investors to perform research and price analysis.
Fake News No More
Another thing investors hate is fake news, largely as it’s such a controversial issue right now. It is used to create panic and false signals, which then leads to large losses. Forbes is well renowned for its journalism and factual news, meaning investors using its new site won’t have to worry about shoddy journalism or fake news designed to manipulate the markets – just ask Goldman Sachs.
Taking Over the World of Crypto News
Forbes might be a new player to the crypto news game, but it has big plans. It isn’t content with just being another crypto news outlet, it’s planning to become the biggest crypto media brand in the world too. In a press release, Mike Federle – Forbes Media CEO – said, “Forbes provides the most comprehensive coverage of the cryptocurrency and blockchain marketplaces of any major media business brand in the world. Forbes CryptoMarkets, a new licensed business, represents a natural extension of our powerful brand into a new venture that promises to deliver immense value to investors, traders, and market watchers.”
While Forbes is still new to the crypto industry, its reputation as a leading and well-respected news outlet will bring this new site a wealth of traffic. It will prove particularly popular with seasoned investors, as well as new investors looking to try out a new price aggregation platform.