Bullish buys CoinDesk as crypto media shakeups continue

cyptouser1 weeks agoCryptocurrencies News10

The sale of cryptocurrency news site CoinDesk to a new owner has concluded, according to an announcement from the purchasing firm on Nov. 20.

Bullish, a firm operated by former New York Stock Exchange President Tom Farley, said that it acquired the news site from its previous owner, Digital Currency Group (DCG). CoinDesk will remain an independent subsidiary and will maintain its current leadership.

Bullish said that it would “immediately inject capital” into CoinDesk in order to promote the launch of new products, events, and services.

The purchasing company did not disclose the size of the transaction. However, a previous offer from another group of investors in July was reported to be worth approximately $125 million. DCG itself purchased CoinDesk for $500,000 in 2016.

Bullish involved in Block.one, FTX

CoinDesk’s new owner, Bullish, is a firm that is highly involved in the crypto industry. Bullish said today that its crypto exchange has seen over $300 billion in trading volume since its November 2021 launch. Bullish was established by Block.one, the company behind EOS — a blockchain with a crypto token that ranked among the top ten in 2019.

Bullish is also a major contender in the revival of FTX, as it is vying against two other investors to purchase Sam Bankman-Fried’s failed crypto exchange.

Bullish’s involvement in the crypto sector has led to criticism among other members of the industry. Jason Yanowitz, founder of competing crypto news site Blockworks, called the deal “bad for our industry.” He argued that the purchase “crushes the editorial integrity of the [CoinDesk] brand” and suggested that the deal introduces biases.

However, CoinDesk’s industry ties are not entirely new. Its former owner, DCG, owns several high-profile cryptocurrency firms, including the crypto services firm Genesis and the asset manager Grayscale. CoinDesk typically disclosed that it shared a parent company with those firms whenever it covered any related developments.

Past acquisitions have provoked similar controversy due to possible influence from a buying company. For instance, crypto VC firm Foresight Ventures purchased The Block on Nov. 13, 2023. Binance purchased market aggregator CoinMarketCap in 2020.

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Web3 community launches crypto humanitarian campaign for Israel

A collective of local companies and leaders in the Web3 space have established a crypto humanitarian...

Despite industry objections, SEC’s Gensler continues to classify crypto as securities

Despite industry objections, SEC’s Gensler continues to classify crypto as securities

Securities and Exchange Commission (SEC) Chairman Gary Gensler remains steadfast that most cryptocur...

UK triples funds for AI supercomputer to £300 million to boost AI safety research

The UK government has announced a significant boost to its artificial intelligence (AI) prowess, wit...

Tether now a top global buyer of US Treasury bills amid market turmoil

Tether has emerged as one of the top buyers globally of US Treasury bills, with a commanding exposur...

Frax Finance regains control over domains after potential security breach, investigation underway

In a swift resolution of a potentially disruptive issue, Frax Finance, the decentralized stablecoin...