Binance Is Not Planning To Acquire Coindesk Media
Changpeng Zhao (CZ) dismissed all the rumors of the Binance-Coindesk deal.
Binance is a top-ranked crypto exchange. Changpeng Zhao (CZ) is the CEO & founder of this exchange. This exchange was founded in 2017 as a Chinese entity but later shifted all the operations outside China, as the central bank of China was planning a crypto ban and later also did the same. Binance is owner of serval crypto companies, including the popular crypto tracking platform CoinMarketCap (CMC).
On 14 March 2023, Blockworks reported that the Binance exchange planning to acquire crypto news Media Coindesk via its subsidiary CoinMarketCap, a Delaware corporation.
Binance’s CEO responded on this matter and admitted that Coindesk is an influential media but confirmed that Coindesk will not fit in its geographic coverage.
Earlier this, Cardano founder Charles Hoskinson also showed his interest to acquire Coindesk but he faced criticism for this decision. At that time, Hoskinson said that he expects to bring a better level of transparency to the crypto news sector.
Coindesk News Media is a subsidiary of Digital Currency Group (DCG). In Q3 2022, Genesis Trading, another subsidiary of DCG went bankrupt. In Jan 2023, Genesis filed for bankruptcy under the chapter 11 code, so that its team can easily secure protection from the court to reorganize its business.
To revive Genesis, DCG decided to liquidate partial or full stakes of the CoinDesk media.
Initially, Coindesk was acquired by Barry Silbert for $500,000 and now the current valuation of this news media is near to range as high as $300 million.
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