Crypto media outlet Blockworks has recently announced a successful $12 million funding round, led by private equity firm 10T Holdings. With a post-money valuation of $135 million, the capital raised will be utilized to expand Blockworks’ research and data analytics offering, known as Blockworks Research.
Co-founders Jason Yanowitz and Michael Ippolito emphasize the importance of Blockworks Research, describing it as a powerful investment platform that combines data, analytics, research, governance, and real-time news. Financial institutions and deeply crypto-native investors rely on Blockworks Research to make informed decisions in the rapidly evolving crypto landscape. This fresh investment allows the company to bet more heavily on their mission to provide quality information to the industry.
Alongside 10T Holdings, Framework Ventures and Santiago Santos have also participated in the funding round.
Interestingly, the new investment comes at a challenging time for publications that focus on cryptocurrencies. The market’s extended bearish phase has been one of the various issues these publications face. High-profile scandals have added to the pressure, further shaking the industry’s foundations.
For example, The Block recently revealed secret financial ties between itself and Sam Bankman-Fried’s Alameda Research, raising questions about the publication’s independence. Additionally, CoinDesk’s parent company, Digital Currency Group, announced its plans to refinance the outstanding obligations owed to its bankrupt lending division, Genesis.
Despite the undeniable challenges, the infusion of $12 million into Blockworks demonstrates the faith that private equity firms and venture capitalists have in the potential of the crypto media industry. It is important to remember that repeated investments and expansions eventually lead to better information dissemination, helping to reduce misinformation and boost market efficiency.
In conclusion, Blockworks’ recent funding round is both a positive and intriguing development within the crypto space. On one hand, it highlights investors’ confidence in the potential of crypto media outlets, which could lead to a more robust market for digital assets in the long run. On the other hand, it underscores the various challenges crypto-focused publications face, from scandals to bear markets, that could hinder their growth and influence in the industry.
Balancing both optimism and skepticism, crypto enthusiasts now have the opportunity to watch as Blockworks Research attempts to capitalize on its recent funding and either consolidates its position as an essential resource for investors or struggles to overcome the obstacles standing in its way.
Source: Coindesk
