Foresight

Bitcoin

<p style="text-align: justify">Crypto exchanges are gearing up for the next bull season, and an important development has taken place today. The majority stake of one of the most popular media organizations in the crypto industry has been acquired by the investment arm of a popular crypto exchange. So what does this move mean? Why was such a step taken?</p>
<h2 style="text-align: justify" id="the-block-and-bitget">The Block and Bitget</h2>
<p style="text-align: justify">According to Bloomberg, Foresight Ventures, the venture capital firm of Bitget exchange, has acquired the majority stake from former CEO Michael McCaffrey in a deal that values the company at $70 million. As a result, The Block is now owned by Bitget exchange. The Singapore-based fund has made several significant acquisitions in the past. According to insiders, the total value of the deal is around $50 million.</p>
<p style="text-align: justify">FTX CEO was making even more extravagant moves in this regard. Even on the days when it was revealed that he was a scammer, his supporters in the mainstream media continued to be his biggest supporters. As the FUDs about the exchanges started to have devastating consequences, crypto companies began to strengthen their media partnerships. Last year, <a href="https://en.coin-turk.com/binance-exchange-announces-removal-of-21-spot-trading-pairs-an-insight-into-the-strategic-move/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> exchange also invested $200 million in the 105-year-old media giant Forbes.</p>
<h2 style="text-align: justify" id="the-block-and-ftx-exchange">The Block and FTX Exchange</h2>
<p style="text-align: justify">On December 9, 2022, the commercial relationship between The Block CEO Michael McCaffrey and FTX founder was exposed. Subsequently, it was announced that McCaffrey resigned from his CEO position and would leave the company. According to allegations made by Axios, McCaffrey started discussions about a loan to <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">finance</a> the acquisition with Sam Bankman-Fried in February 2021 and received three loans from Alameda.</p>
<p style="text-align: justify"><img decoding="async" class="wp-image-275952 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/The-Block-Satildi.png" alt="" width="794" height="443"></p>
<p style="text-align: justify">When all this came to light, The Block executive Bobby Moran said the following:</p>
<blockquote>
 <p style="text-align: justify">“My initial reaction was anger, disappointment, and concern for all my colleagues. Everyone has worked incredibly hard over the years to be fair, accurate, and independent in their reporting. But this is very frustrating.”</p>
</blockquote>
<p style="text-align: justify">After this stage, it remains to be seen whether the media organization’s policy will change. Major news platforms in the crypto industry have the power to significantly influence prices. They also have the potential to present risky companies differently. Lastly, the news of “ETF approval” reported by Cointelegraph (which was denied minutes later) had caused the price of <a href="https://en.coin-turk.com/investors-expect-rise-in-bitcoin-and-decline-in-ethereum/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> to quickly surpass $30,000. This incident alone demonstrates the power of the media within the crypto industry.</p> Continue Reading: <a href="https://en.coin-turk.com/major-acquisition-in-the-crypto-industry-popular-crypto-exchange-buys-majority-stake-in-media-company/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/major-acquisition-in-the-crypto-industry-popular-crypto-exchange-buys-majority-stake-in-media-company/</a>

Major Acquisition in the Crypto Industry: Popular Crypto Exchange Buys Majority Stake in Media Company

Table of Contents

COINTURK NEWS

Other articles published on Nov 13, 2023

Timing Altcoin Investments Is Essential: Expert Answers Common Questions

MATIC Soars Past $0.9, Triggering Massive $1.4M Short Squeeze: Can The Bull Run Continue?

Ethereum (ETH) Price Surge Halted for Now: Here's When It Might Start Again

Bithumb sets sights on 2025 South Korean IPO on KOSDAQ amid leadership overhaul

FTX claims ByBit illegally withdrew nearly $1 Billion

Ripple CEO Advocates for a Multichain Crypto Future

Join our free newsletter for daily crypto updates!