The Block, a cryptocurrency media platform, has announced that Foresight Ventures has acquired a controlling ownership in the business, valuing it at $70 million. The Block will keep up its current commercial operations and function as an independent enterprise. As a result of the transaction, Tony Cheng, a partner at Foresight Ventures, and Forest Bai, the CEO of Foresight Ventures, will both take on new board positions at The Block. Larry Cermak is going to stay on as The Block’s CEO.
Foresight Ventures seeks to maintain the integrity of The Block’s editorial and research teams while using the publication’s distinct advantages and growing its impact. The successful acquisition will give The Block the capital it needs to enter the Asian market and diversify its product line, while also assisting Foresight’s media division in growing into the US and European markets.