Forbes, an American business magazine, has partnered with blockchain startup Galxe to launch a new business that will fully penetrate the web3 industry.
ForbesWeb3, the company’s new business, published a blog post on Medium announcing that Galxe has created social challenges to “enhance user engagement” while showcasing the “practical applications of blockchain.”
“As users progress through these tasks, they have a chance to score points and climb up in the leaderboard that not only tracks progress but also fosters community.”
According to Forbes, the campaign’s incentive structure has been “carefully curated to provide tangible value to the participants.” It also states that the most active participants will receive free Forbes subscriptions and products from the company.
Forbes’s cryptocurrency division, which focuses on covering digital assets and blockchain, is going to be around for a while because it launched a new business.
According to a recent post from an X account for ForbesWeb3, the new project is aimed at “community building and offering value to the web3 space.” The partnership with Galxe, according to Taha Ahmed, Chief Growth Officer of Forbes, is “rooted in a shared vision of pushing the boundaries of traditional loyalty programs.”
According to CoinGecko data, Galxe’s native token, GAL, increased by about 10% to $1.63 following the news. The collaboration takes place a few months after a security breach at Galxe caused multiple users to lose access to their money and wallets.
A DNS attack on Galxe’s domain nameservers on Dynadot was the source of the compromise. The website has promised to reimburse impacted users $396,000.
