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.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.