The Coindesk newspaper, owned by Digital Currency Group, announced yesterday the acquisition of TradeBlock. It is the world's leading provider of digital asset benchmark rates. With this acquisition, CoinDesk aims to become the leading source of crypto news and data for the financial industry.
CoinDesk, according to a statement, will invest in the index and data business and in TradeBlock's order management platform and enterprise trading tools. "It will provide the professional investment community with a complete, high-performance suite of secure data, business tools and workflow systems," the statement said. At the same time, the newspaper says it will continue to invest in expanding its global audience for news and events.
Like Bloomberg in traditional markets
Worth noted that Coindesk will be the destination for crypto investors, just as Bloomberg is for traditional markets. Worth also said that TradeBlock has set the industry standard for institutional investors. For example, for the largest publicly traded cryptocurrency financial product: Grayscale Bitcoin Trust. A product that uses TradeBlock's bitcoin XBX index. Grayscale Bitcoin Trust is owned by Digital Currency Group.
For his part, Nitai Bran, CEO of TradeBlock, indicated that they are delighted to be part of the CoinDesk family, as both companies are focused on helping clients access infrastructure and institutional-level information in the market for cryptocurrencies.
With the acquisition, TradeBlock becomes a subsidiary of CoinDesk that will operate completely independently of the newspaper, the statement said. Likewise, the new owners of the platform report that they have the entire TradeBlock team.