In a crucial move in the crypto world, the famous cryptocurrency news portal CoinDesk has been acquired by the firm ‘Bullish’, which is run by the former president of the New York Stock Exchange (NYSE), Tom Farley.
The deal between Digital Currency Group (seller) and Bullish (buyer) was done all in cash, but the amount has not been disclosed by any party.
Digital Currency Group bought CoinDesk for $500,000 in 2016.
The move could benefit ‘Bullish’ in the long run because it was looking to expand its hand in cryptocurrency media, news, and the information space.
“This is a transformative moment for Bullish and the cryptocurrency industry,” said Farley in a statement. “CoinDesk is a trusted and respected brand with a deep understanding of the digital asset space. We are excited to bring CoinDesk’s expertise and reach to our platform and help shape the future of cryptocurrency”.
Tim Farley promises to inject a good amount of capital into Coindesk’s initiative of launching new services, products, and events while at the same time showering all praise on the independent journalism in CoinDesk.
Furthermore, the deal doesn’t affect the hierarchy of the management team, and Kevin Worth continues to operate as CEO.
“We are in thrill to partner with Bullish and begin the next phase of CoinDesk’s growth,” said Kevin Worth, CEO of CoinDesk.
“With renewed momentum in the crypto economy as well as investment from Bullish, we look forward to capitalizing on the many opportunities ahead for product development and expansion”.
About Coindesk
Set up in 2013, CoinDesk provides news coverage, analysis, and insights into the crypto world with reach in millions.
Moreover, CoinDesk is also a major citation source for any crypto news or facts. It also manages the crypto index, which got the award from ETF Express as the best index provider.
About Bullish
Bullish is a digital asset exchange that provides a secure, compliant, and easy-to-use platform for institutional and retail investors.
Launched recently in 2021 and the CEO Tim Farley the former president of New York Stock Exchange. Bullish now has a presence in over 50 countries,
Furthermore, the firm is having a backing of Goldman Sachs, Fidelity Digital Assets, and Sequoia Capital.
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