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CoinDesk Acquires TradeBlock, Adding Indexes and Pricing to News, Events Offerings
With the acquisition CoinDesk said it’s positioned to be the leading source of crypto news, information and data for the rapidly growing sector.
Cryptocurrency media and events platform CoinDesk, which owns this news service, announced Tuesday it purchased TradeBlock, the world’s leading crypto index provider.
STORY CONTINUES BELOW
With the purchase, CoinDesk said it’s positioned to be the leading source of crypto news, information and data for the rapidly growing sector, which has seen a flood of interest and investment from financial companies. In the year just closed, the price of bitcoin, the leading cryptocurrency, rose more than 300%, driven largely by institutional investors.
”We will be crypto investors’ go-to destination for unified media, events, research, pricing and data,” Kevin Worth, CoinDesk CEO, said in a statement.
Financial terms of the transaction weren't disclosed.
The entire TradeBlock team will remain with the company, which will operate independently from the media operations to maintain TradeBlock’s commitment to data security and confidentiality and the integrity of CoinDesk’s journalism, the media company said.
More than $20 billion of investment products use TradeBlock indexes and billion of dollars in monthly trading volume is quoted against them, CoinDesk said. The biggest user of TradeBlock’s XBX index is Grayscale Bitcoin Trust, the largest publicly traded crypto financial product, the media company said. Grayscale is owned by Digital Currency Group, the parent company of CoinDesk. DCG previously held a minority stake in TradeBlock.
Michael Casey, CoinDesk's chief content officer, wrote in a blog post on Medium that the deal fits within a long tradition of news organizations serving as guardians and curators of crucial financial indexes, such as the Dow Jones Industrial Average, the Financial Times' FTSE 100 and Nikkei's Nikkei 225.
"Such outlets are ideally placed to foster trust in the integrity of the numbers," Casey wrote. "Wall Street is coming. It will demand reliable prices."
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
