Fun

News Feed - 2023-11-13 11:11:19

Savannah Fortis9 hours agoCrypto news site The Block shakes off SBF ties with Foresight Ventures dealThe Block bagged a $70 million valuation after it sold a majority stake to a Singapore-based venture capital firm, severing financial ties to scandal-ridden FTX.939 Total views5 Total sharesListen to article 0:00NewsJoin us on social networksThe Block, a crypto-focused media company, sold a majority stake of its company to a venture capital firm in Singapore, according to Axios, which has valued it at $70 million.


Foresight Ventures, the firm behind the deal, is buying an 80% stake for $60 million. The venture capital (VC) firm says The Block will continue operations as an independent business.


The media company’s CEO, Larry Cermak, is the second-largest shareholder in the company, while Foresight CEO Forest Bai will become chairman, with partner Tony Cheng taking a board seat. Cermak posted on X (formerly Twitter) that the company is getting a “fresh start.”1/ Big news today as we announce Foresight Ventures acquired a majority stake in The Block. This tx gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East. https://t.co/1ohnptiKwQ— Larry Cermak (@lawmaster) November 13, 2023


Regarding the deal, Cheng says that the focus will be to help companies bring in more users from Asia. “We’re seeing significantly more regulatory clarity in this part of the world. We’re also seeing significantly more capital flow into this region.”


This deal allows The Block to distance itself from the FTX scandal after the company’s ties to the defunct exchange came to light as its former CEO Mike McCaffrey, the majority shareholder, had been discovered to have taken loans worth millions of dollars from Sam Bankman-Fried, the founder and former CEO of FTX. 


Cointelegraph has reached out to Foresight Ventures for further comment on the deal. 


Related:OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch


The VC firm agreed to spend an undisclosed amount on ads with The Block during the first year. Most of the capital was reportedly used to purchase the stake previously held by McCaffrey, with the rest going toward a change of control clause.


Foresight also has stakes in multiple Asian crypto media organizations such as Block Temp and Foresight News, both for Mandarin-speaking audiences, and CoinNess, which is published in Korean.


The company believes it can help The Block grow during a continuing bear market that has seen many companies in the crypto space lay off significant portions of their staff. In March, The Block reportedly laid off nearly 33% of its staff.


Magazine:Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers# Cryptocurrencies# Business# MediaAdd reactionAdd reactionRead more3 theses that will drive Ethereum and Bitcoin in the next bull marketHistory tells us we’re in for a strong bull market with a hard landingCrypto VC firm Spartan Capital invests in Pendle to drive DeFi growth

News Feed

Bitcoin Faces Political Headwinds Even as the Best Presales Keep Finding Investors
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’
Zoltan Vardai10 hours agoWorld’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’Marathon remains bullish on Bitcoin’s price in the long term, as it sold none of the BTC it mined during June.1929 Total
UK authorities will soon have less restrictions when seizing crypto
Ciaran Lyons6 hours agoUK authorities will soon have less restrictions when seizing cryptoFrom April 26, the UK economic crime legislation will include civil recovery orders for confiscating crypto assets.3263 Total view
‘Bullish narratives’ erupt as XRP surges 35% this week
Ciaran Lyons3 hours ago‘Bullish narratives’ erupt as XRP surges 35% this weekXRP has surged 35% this week and some traders are anticipating a breakout moment, pointing to a long-term trend they’ve been observing on
Financial Giant State Street Sees Unwaning Crypto Demand From Institutional Investors
Financial Giant State Street Sees Unwaning Crypto Demand From Institutional Investors Investment management firm State Street says that institutional clients are not deterred from
Savannah Fortis12 hours agoSam Bankman-Fried’s jets are subject to forfeiture, says prosecutionThe U.S. Department of Justice says the two jets purchased by Bankman-Fried via FTX are now property subject to forfeiture
Bitmain to Host Miners in 180-Megawatt Data Center in Kazakhstan
Bitmain to Host Miners in 180-Megawatt Data Center in Kazakhstan Crypto mining hardware manufacturer Bitmain has partnered with Enegix to host Antminer S19 Pro d
Ezra Reguerra11 hours agoWhale reclaims $74M in ETH locked in ENS auctionENS founder Nick Johnson urged users to check their addresses and reclaim their deposited funds.2738 Total views50 Total sharesListen to article 0:
Ezra Reguerra13 hours agoSouth Korea plans to submit bill to freeze North’s crypto assets: ReportThe cybersecurity bill’s latest version reportedly contains ways to “track and neutralize” crypto and digital asset
With 10 days to the halving, analysts predict $150K Bitcoin top
Zoltan Vardai12 hours agoWith 10 days to the halving, analysts predict $150K Bitcoin topBitcoin price could rise another 160% after the halving, hitting the $150,000 mark, according to analysts.7293 Total views29 Total s
AAVE Price To $360? Crypto Analyst Identifies Pattern For Bullish Breakout
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Coinbase Aims to Be the ‘Amazon’ of Crypto, CEO Says Exchange Wants to List All Legal Crypto Assets
Coinbase Aims to Be the "Amazon" of Crypto, CEO Says Exchange Wants to List All Legal Crypto Assets The Nasdaq-listed cryptocurrency exchange Coinbase says that