Singaporean VC firm Foresight Ventures buys 80% stake in The Block

cyptouser7 months agoCryptocurrencies News109

Foresight Ventures, a Singapore-based investment firm, has bought a majority stake in crypto media company The Block, purchasing an 80% stake at $60 million.

This strategic acquisition comes almost a year after the collapse of FTX and Alameda Research, from the latter of which The Block’s previous CEO, Mike McCaffrey, had borrowed several million dollars. The ties to the FTX scandal had resulted in a precarious fiscal situation for publication, as McCaffrey was found to have used funds not only to finance a property in the Bahamas but also to buy out non-employee shareholders.

The Foresight Ventures deal loosens the grip these woes have over the publication. The Singaporean VC firm has confirmed that Larry Cermak will continue as CEO of The Block while Foresight’s CEO Forest Bai will assume the role of the Chairman. Partner Tony Cheng will also join the Board, giving Foresight two of the four seats, a stark contrast from a year ago when only McCaffrey graced the board.

No new capital

Notably, the deal with Foresight Ventures, which holds assets under management worth about $400 million, does not directly inject capital into The Block. However, Foresight has committed to an undisclosed minimum spend on ads within the first year, implying an indirect investment in the company’s growth.

In a broader context, the acquisition extends Foresight Venture’s foothold in the U.S. while creating a pathway for the publication’s expansion into the Asian market.

The deal also adds to Foresight’s portfolio of minority stakes in other Asian crypto media outlets, namely Mandarin-language sites BlockTempo and Foresight News, and Korean-language site CoinNess. This consolidation underscores the increasing pressure on crypto media entities to adapt and thrive amidst market fluctuations.

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

Jamie Dimon praises AI tech, saying JP Morgan could use it in 'every single process'

Jamie Dimon, the CEO of JP Morgan Chase, praised various applications for artificial intellige...

Binance.US wins appeal to reinstate Florida money services license

Binance.US wins appeal to reinstate Florida money services license

55966e89˃Binance.US has scored a victory in its appeal of the suspension of its money-services busin...

Nvidia shares up 15% in 5 days — Will AI crypto tokens follow?

Nvidia shares up 15% in 5 days — Will AI crypto tokens follow?

1205f261˃The share price of Nvidia (NVDA), one of the biggest producers of graphics processing units...

Uniswap reveals assets ahead of fee mechanism vote

Uniswap reveals assets ahead of fee mechanism vote

55966e89˃The Uniswap Foundation has disclosed holding $41.41 million in fiat and stablecoins and 730...

Elaborate Elon Musk deepfake crypto fraud uncovered in Hong Kong

Elaborate Elon Musk deepfake crypto fraud uncovered in Hong Kong

55966e89˃Hong Kong authorities closed in on an unlicensed, fraudulent cryptocurrency exchange that f...

Chainalysis says crypto usage for terror financing is 'tiny fraction' of overall volume

A recent report by Chainalysis has cast doubt on sensationalized claims regarding the use of cryptoc...