Digital Currency Group (DGC), the firm known for investing and developing businesses that deal in bitcoin and other cryptocurrencies, has just purchased CoinDesk.
The publication’s business and editorial teams are set to merge with DGC’s new events division, which will double the size of its current team and prompt a new New York based subsidiary dedicated to providing news coverage, research and events.
Founder and Chief Executive Officer, Barry Silbert, did not disclose the amount it cost to acquire CoinDesk, however DGC was already one of the principal investors behind the publication when it started in 2013.
This also marks DCG’s first acquisition with Ryan Selkis, Director of Growth at DCG at the helm of the merged media group and events division.
CoinDesk now joins several of DCG’s other companies, such as Genesis Global Trading, an institutional-focused digital currency trading desk, and Grayscale Investments, an asset manager that manages the Bitcoin Investment Trust.
The merger also prompts the shift from CoinDesk’s headquarters from London to New York. CoinDesk’s team currently has 10 in-house employees including contributors spread across various offices between the two major cities.
"It has been impressive to watch CoinDesk's evolution over the past 2-1/2 years and we are committed to investing in new products and people that will further enhance the CoinDesk and Consensus brands," Silbert said.
Currently, CoinDesk’s CEO Jeremy Bonney is “transitioning out gradually.” Bonney will stay on board as CoinDesk finalizes the merger with DCG and will remain as a strategic adviser for the company.