Cryptocurrency trading platform Bullish, led by former New York Stock Exchange (NYSE) president Tom Farley, has completed the acquisition of CoinDesk from Digital Currency Group (DCG).
Financial terms of the all-cash transaction, sponsored by Bullish, were not disclosed.
Founded in 2013 and later acquired by Digital Currency Group in 2016, CoinDesk has been a key player in the cryptocurrency news space. Under the new arrangement, CoinDesk will continue to operate as an independent subsidiary within Bullish.
The company will be led by current CEO Kevin Worth and his existing management team.
Bullish also announced the establishment of the CoinDesk Editorial Board, chaired by Matt Murray, former editor-in-chief of the Wall Street Journal. The move is intended to maintain CoinDesk’s tradition of independent and trustworthy reporting on the cryptocurrency space.
Although Bullish is a relatively small entity in the cryptocurrency trading platform space, it has demonstrated huge ambitions with this acquisition. The company is regulated by the Gibraltar Financial Services Commission and does not yet provide services in the United States.
The acquisition could be an important step in expanding its presence and presence in the global cryptocurrency market.
Bullish plans to use the acquisition to expand into new markets, particularly in Asia, where it already operates in Hong Kong and Singapore. The move is expected to bring new opportunities to CoinDesk’s media and events businesses and capitalize on emerging opportunities in the global cryptocurrency ecosystem.
However, given that the SEC has been closely monitoring cryptocurrency trading, the acquisition also attracted regulatory scrutiny. It is critical for Bullish to carefully navigate these regulatory waters to ensure the success of this acquisition and its future operations.
Information source: Compiled by 0x Information from CRYPTO.Copyright belongs to the author Manuela Istrate and may not be reproduced without permission.