Coin An CEO CZ: CoinDesk Acquisition Not Suitable for Geographical Coverage

Coin An CEO CZ: CoinDesk Acquisition Not Suitable for Geographical Coverage

On March 14, according to the report of Blockworks that “CoinMarketCap under Coin An has shelved the acquisition of CoinDesk, the encrypted media”, CZ, the CEO of Coin An, responded on Twitter, “It is not ‘shelving’. It is not buying. It may be a good business. But it is not suitable for our geographical coverage”.

CZ responded that it would not acquire the encrypted media CoinDesk

Analysis based on this information:


Coin An CEO CZ responded to the reports by Blockworks on March 14, 2021, that CoinMarketCap had put its planned acquisition of CoinDesk on hold. CZ clarified that Coin An was not shelving the acquisition but was not going to push through with it as it was not “suitable for our geographical coverage.”

CoinMarketCap is a cryptocurrency data provider that was acquired by Binance Holdings Limited, the world’s largest cryptocurrency exchange, in 2020. CoinDesk, on the other hand, is a cryptocurrency media company that is famous for its cryptocurrency news, analysis, and research.

The planned acquisition of CoinDesk by CoinMarketCap was initially revealed by sources from the inside, who cited that the deal would have cost more than $100 million but was canceled due to the lack of cooperation between the two parties. Adding that CoinDesk had a low Alexa ranking and was not profitable.

However, CZ’s recent response to the Blockworks report suggested another reason for the shelving of the acquisition. He hinted that the acquisition was not suitable for Coin An’s geographical coverage. This statement suggests that Coin An may have been focusing on a specific geographic area, and CoinDesk may not have been significant in that area.

CZ’s statement also suggests the possibility of Coin An’s intention to expand its cryptocurrency offerings in other areas or attempting to acquire firms that operate in these areas. This move would allow the company to expand its footprint in new areas, thus diversifying its sources of revenue.

In conclusion, CZ’s statement on Twitter regarding CoinMarketCap’s shelving of the CoinDesk acquisition provides insight into the possible reasons for the cancellation of the deal. The statement suggests the acquisition may not have been suitable for Coin An’s geographic coverage, pointing to the possibility of the company’s expansion plans.

Overall, the cryptocurrency industry is full of surprises, and the acquisition’s shelving may not be the last of its kind in the industry.

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