How bad is the CoinDesk acquisition? A recount of the absurd experiences of new parent company Block One
The founder of blockchain media Blockworks believes that CoinDesk's acquisition by a poorly reputed capital group, while beneficial for Blockworks in terms of industry competition, is a negative development for the cryptocurrency industry which relies on fair and professional reporting.
After significant layoffs at CoinDesk, Bullish exchange officially acquired with full cash.
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Blockworks Founder: Bullish Parent Company Block One
Blockworks founder Jason Yanowitz's argument focuses mainly on the absurd experience of Bullish's parent company, Block One.
Block One Leads the Most Profitable ICO in History, More Bitcoin Than MicroStrategy?
Block One, the developer behind the famous Ethereum killer public chain EOS in 2017, raised a record-breaking $4 billion in its ICO. Block One later converted the funds into Bitcoin, even holding more than MicroStrategy.
Note: Bitcoin Treasuries, Btcointreasuries.net may have different Bitcoin holdings data.
Block One Launches Bullish
Block One launched the exchange Bullish in July 2021 with a whopping $10 billion in funding.
Notable investors include Peter Thiel, Alan Howard, Mike Novogratz, and others.
However, there has been minimal updates and information on Bullish to date.
Block.one, the developer behind EOS, raises billions to establish the exchange Bullish, EOS soars over 50% on the news
Invested $150 million, Spent $30 million on Domain Name, Social Platform VOICE Announces Closure
In 2019, Block.one invested $150 million to create the social platform VOICE and also spent $30 million to purchase a domain name from MicroStrategy.
However, VOICE has since disappeared, announcing its gradual shutdown in September this year.
Block.one launches new social media platform "VOICE"
Blockworks Founder: This Incident Sets Back the Crypto Industry
Jason Yanowitz believes that Bullish's announcement of acquiring CoinDesk will damage editorial integrity and predicts that most editors will leave within six months.
He stated:
If it weren't for the parent company DCG being in dire straits, the acquisition of CoinDesk would not have been completed. As a media outlet competing with CoinDesk, the acquisition is a good thing for us, but for those of us who love cryptocurrencies, given that media is now more needed than ever to advance the industry with fair and responsible reporting, the acquisition is a step back for the crypto industry.
1/ The CoinDesk x Bullish acquisition is bad for our industry.
Some thoughts: pic.twitter.com/j0u64ZfhUQ
— Yano 🟪 (@JasonYanowitz) November 20, 2023