Instead, DCG employed Lazard which offers financial advisory services to look into its finances and advice on the appropriate option to take. Coindesk Lands Several Acquisition Offersīased on a Wall Street Journal report, the parent firm received an offer in the past to sell the media company for up to $200 million.Ĭompared to its initial purchase price of around $500,000 to $600,000 in 2016, this was a 39,900% return on investment (ROI). Kevin Worth, the Chief Executive Officer (CEO) confirmed that the company had “numerous inbound indications of interest”. The media platform believes it was a wise decision to make to promote the stability of its balance sheet amidst the troubles encountered by its parent firm DCG and the other subsidiary Genesis Global Trading. The acquisition is likely to raise questions about the ownership of the digital assets analysis platform even after CoinMarketCap has announced that it identifies only with Binance as the owner.Ĭoindesk began to consider either part or full sales of its assets at the beginning of this year. However, there are certain suspicions that it may be linked to the ownership arrangement of CoinMarketCap. The reason for the abrupt decision to put the acquisition on hold is yet to be disclosed. Precisely, leading cryptocurrency exchange Binance was trying to use Binance Capital Markets (BCM) through its subsidiary CoinMarketCap to gain ownership of the media firm. CoinMarketCap has decided to suspend its plans to acquire Coindesk, a global crypto media outlet and a subsidiary of beleaguered Digital Currency Group (DCG).
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