Crypto Giant Binance Passes on CoinDesk Acquisition
Changpeng 'CZ' Zhao, the CEO of Binance, has denied any intention of purchasing the cryptocurrency media platform, CoinDesk.
This comes after reports that alleged that Binance was looking to acquire the media firm through its subsidiary, CoinMarketCap.
However, Zhao confirmed in a tweet on March 14th that Binance is “not buying” CoinDesk due to it not fitting with their “geographic coverage”.
CoinDesk is owned by Digital Currency Group (DCG), which also owns bankrupt Genesis and Grayscale. With liquidity issues faced by Genesis, DCG has been trying to sell CoinDesk, and Charles Hoskinson, founder of Cardano (ADA), has shown interest in purchasing the company.
However, Hoskinson had mentioned that the company was overpriced at its current valuation of $200 million.
It is worth noting that Binance has invested in media before, having made a $200 million investment in Forbes in 2022 and around $500 million in Elon Musk’s Twitter purchase.