Binance CEO Denies Interest In CoinDesk
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Binance CEO Changpeng ‘CZ’ Zhao has denied interest in purchasing the crypto media outlet, CoinDesk.
Binance CEO Denies Interest In CoinDesk
In a March 14 tweet, Zhao denied Blockwork’s report that his exchange was trying to acquire the media firm through its CoinMarketCap subsidiary.
Binance CEO Denies Interest In CoinDesk
According to Zhao, Binance is “not buying” CoinDesk because it does not fit its “geographic coverage.”
Binance CEO Denies Interest In CoinDesk
“Not ‘on hold’. Not buying. It may be a good business. But not a fit in our geographic coverage.”
Binance CEO Denies Interest In CoinDesk
CoinDesk is a leading crypto media platform belonging to Digital Currency Group (DCG) — the parent company of bankrupt Genesis and crypto investment firm Grayscale.
Binance CEO Denies Interest In CoinDesk
Reports had revealed that DCG was looking to cash in on the media firm due to the liquidity issues it faced with its bankrupt subsidiary. As of January, CoinDesk CEO Kevin Worth confirmed that the company was shopping for a buyer.
Binance CEO Denies Interest In CoinDesk
Cardano (ADA) founder Charles Hoskinson confirmed his interest in acquiring the firm. However, he noted that the firm was overpriced at its $200 million valuation.
Meanwhile, this is not the first time that Binance would be tied to an investment with a media firm. In 2022, the crypto exchange made a $200 million investment in legacy media outlet Forbes.
Besides that, the exchange invested around $500 million in Elon Musk’s Twitter purchase.
Journalist at CryptoSlate
Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.
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