Crypto Investments Weekly – Nov. 26–Dec. 2

Top investment deals across the crypto sector over the last week (Nov. 26–Dec. 2, 2022):

Crypto news site CoinDesk draws buyout interest: Semafor

Crypto news site CoinDesk, owned by Digital Currency Group (DCG), has received takeover interest including one that suggested a $300 million purchase price, according to Semafor, according to Semafor.

Potential buyers circling the company include private equity firms, family offices, rival publications including Blockworks and hedge funds that hunt for distressed assets, but there is no formal sales process, unnamed sources told the publication.

BlockFi has $355 million in crypto frozen on FTX

Crypto lender BlockFi has about $355 million in cryptocurrencies currently frozen on crypto exchange FTX, attorney Joshua Sussberg told a U.S. bankruptcy court on Nov. 29.

The $355 million is on top of another $671 million in loan to FTX sister company Alameda Research. Alameda has defaulted on the loan as well.

Crypto Exchange Zipmex To Get $100 Million Venture Capital Buyout

Embattled Asian cryptocurrency exchange Zipmex Asia Pte. is poised to be acquired by a VC fund for about $100 million in digital coins and cash, one of the first rescues in Asia since a wave of defaults ripped through the sector.

V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, is offering $30 million in cash and the remainder in crypto tokens, said a person familiar with the matter. A share sale agreement detailing the deal terms was presented, according to a court hearing on Friday in Singapore, which did not identify the buyer.

Binance acquires JFSA registered Sakura Exchange BitCoin

Binance, the world’s leading blockchain ecosystem, announced it has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider. Through this acquisition, Binance enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity. 

The terms of the transaction were not disclosed. By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies.

Animoca Brands eyes $2 billion new metaverse fund

Blockchain gaming group Animoca Brands plans to launch a fund of up to $2 billion to invest in metaverse startups in the mid and late stage, the company’s co-founder and CEO Yat Siu said. The fund aims to strategic investments in Web3 ecosystem development rather than pursuing financial returns.

Animoca Brands CEO, Yat Siu, said on Nov. 30 the company is working on setting up a fund of up to $2 billion to invest in metaverse businesses, NikkeiAsia reported.

Ripple leads $72 million round into crypto market maker Keyrock

Crypto payments company Ripple has led a $72 million Series B funding round into digital asset market maker Keyrock. Ripple has also been a key client for the firm for the last three years. The company plans to use the funds to ramp up its market making as a service proposition and expand options and over-the-counter operations. Venture firms Six Fintech Ventures and Middlegame Ventures also participated in the round, which closed mid-September.

BlackRock CEO says firm invested $24 million in FTX

BlackRock CEO Larry Fink said on Nov. 30 that the asset-management giant invested $24 million in FTX before the crypto exchange collapsed, according to Reuters.

Speaking at the New York Times Dealbook conference, Fink also said it looked like there were misbehaviors in FTX, but wouldn’t speculate on whether BlackRock and VC firm Sequoia, which had invested $214 million in FTX and has since marked that amount down to zero, were misled by FTX, Reuters reported.