{"id":84071,"date":"2023-11-13T15:59:15","date_gmt":"2023-11-13T20:59:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/foresight-ventures-acquires-the-block-in-70-million-deal\/"},"modified":"2023-11-13T15:59:16","modified_gmt":"2023-11-13T20:59:16","slug":"foresight-ventures-acquires-the-block-in-70-million-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84071","title":{"rendered":"Foresight Ventures Acquires The Block in $70 Million Deal"},"content":{"rendered":"<div>\n<figure id=\"attachment_130670\" aria-describedby=\"caption-attachment-130670\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-130670\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>Crypto news site The Block has been sold to venture capital group Foresight Ventures in a $70 million deal.<\/p>\n<p>Foresight Ventures will acquire a 80% share of the company, Axios reported. The Block CEO Larry Cermak said in an <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/lawmaster\/status\/1724047627774287927\">X post<\/a> on Monday that the acquisition would provide the company with more capital to \u201cbuild out new exciting products\u201d and expand into Asia and the Middle East.<\/p>\n<p>Cermak also announced that he would be remaining as CEO. Foresight CEO Forest Bai will become chairman and partner Tony Cheng will take a seat on the board of directors.<\/p>\n<p>Cheng told Cointelegraph that the deal\u2019s primary focus is to assist Foresight\u2019s companies in attracting more users from Asia.<\/p>\n<p>\u201cWe\u2019re observing increased regulatory clarity in this part of the world, along with a notable influx of capital into the region,\u201d he said.<\/p>\n<p>Foresight begun discussing acquisition opportunities with The Block back in April.<\/p>\n<p>Foresight said The Block would continue to operate as an independent business, and has also committed to a minimum, undisclosed advertising expenditure with The Block in the first year of the agreement.<\/p>\n<p>The venture capital group currently holds minority stakes in three other cryptocurrency media entities in Asia: BlockTempo and Foresight News in China, and the Korean-language platform CoinNess.<\/p>\n<p>The Singapore-based Foresight will assume the stake previously owned by Michael McCaffrey, former CEO of The Block. McCaffrey resigned last December amid revelations that he had taken undisclosed loans exceeding $43 million from Sam Bankman-Fried\u2019s Alameda trading company to support The Block and to finance a property in the Bahamas.<\/p>\n<p>On November 2, Bankman-Fried was convicted of seven counts of fraud and conspiracy in New York for diverting billions of dollars in customer deposits to support expenditures by Alameda, resulting in the collapse of FTX, the crypto exchange which he founded in May 2019.<\/p>\n<p>In March, The Block underwent a significant leadership shake-up, resulting in the layoff of 27 employees, approximately one-third of its workforce. As part of this restructuring, Larry Cermak, the website\u2019s former head of research, assumed the role of CEO.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/foresight-ventures-acquires-the-block-in-70-million-deal.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay Crypto news site The Block has been sold to venture capital group Foresight Ventures in a $70 million deal. Foresight Ventures will acquire a 80% share of the company, Axios reported. The Block CEO Larry Cermak said in an X post on Monday that the acquisition would provide the company with more capital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foresight Ventures Acquires The Block in $70 Million Deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay Crypto news site The Block has been sold to venture capital group Foresight Ventures in a $70 million deal. 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