Foresight Ventures, a Singapore-based investment firm, has bought a majority stake in crypto media company The Block, purchasing an 80% stake at $60 million.
This strategic acquisition comes almost a year after the collapse of FTX and Alameda Research, from the latter of which The Block’s previous CEO, Mike McCaffrey, had borrowed several million dollars. The ties to the FTX scandal had resulted in a precarious fiscal situation for publication, as McCaffrey was found to have used funds not only to finance a property in the Bahamas but also to buy out non-employee shareholders.
The Foresight Ventures deal loosens the grip these woes have over the publication. The Singaporean VC firm has confirmed that Larry Cermak will continue as CEO of The Block while Foresight’s CEO Forest Bai will assume the role of the Chairman. Partner Tony Cheng will also join the Board, giving Foresight two of the four seats, a stark contrast from a year ago when only McCaffrey graced the board.
No new capit
We współpracy z: https://cryptoslate.com/singaporean-vc-firm-foresight-ventures-buys-80-stake-in-the-block/
