The Block (website)
{{Short description|Digital currency data and news company}}
{{Orphan|date=August 2024}}
{{Infobox website
| name = The Block
| logo =
| area_served = Worldwide
| owner = Foresight Ventures
| founder = Mike Dudas, Jake McGraw
| editor = Tim Copeland
| CEO = Larry Cermak
| industry = Digital currency
| url = {{URL|https://www.theblock.co/}}
| launch_date = March 2018
| headquarters = New York, NY, U.S.
}}
The Block is an American online publication specializing in cryptocurrencies. It is based in New York.
History
The Block was founded by Mike Dudas at the beginning of 2018.{{Cite web |last=Wilhelm |first=Jacquelyn Melinek and Alex |date=2022-12-09 |title=The Block founder says he's exploring ways to get the publication into 'trustworthy' hands |url=https://techcrunch.com/2022/12/09/the-block-founder-says-hes-exploring-ways-to-get-the-publication-into-trustworthy-hands/ |access-date=2023-12-12 |website=TechCrunch |language=en-US}} It raised $4 million from venture capital firms including Greycroft, Pantera Capital, BlockTower Capital and Bloomberg Beta.{{Cite web |title=Crypto media company The Block buys out its investors |url=https://www.axios.com/2021/04/16/block-crypto-media}}
In 2020, Mike Dudas stepped down and Michael McCaffrey became CEO, having taken an undisclosed loan of $12 million from Alameda Research to buy out other investors and all former employees.{{Cite web |title=Exclusive: SBF secretly funded crypto news site |url=https://www.axios.com/2022/12/09/bankman-fried-funded-crypto-news-site-block}}
Over the next two years, McCaffrey took two more loans from Alameda Research. One for $15 million to finance the ongoing operations of The Block and another for $16 million to purchase personal real estate in the Bahamas.{{Cite web |last=Saul |first=Derek |title=Bankman-Fried Secretly Funneled Millions To Crypto Outlet The Block |url=https://www.forbes.com/sites/dereksaul/2022/12/09/bankman-fried-secretly-funneled-millions-to-crypto-outlet-the-block/ |access-date=2023-12-12 |website=Forbes |language=en}}
After Alameda Research went bankrupt and McCaffrey's undisclosed loans totaling $43 million were revealed in December 2022, McCaffrey resigned and Bobby Moran, then CRO of The Block, became Interim CEO in November 2022.{{Cite web |last=Clark |first=Mitchell |date=2022-12-09 |title=Sam Bankman-Fried secretly handed $27 million to a major crypto news site and its CEO |url=https://www.theverge.com/2022/12/9/23502173/sam-bankman-fried-the-block-loans-journalism |access-date=2023-12-12 |website=The Verge |language=en}} Moran said that no employee, apart from McCaffrey, knew about the loans from Alameda Research.
In March 2023, Larry Cermak became CEO and the company laid off a third of its staff.{{Cite web |title=The Block lays off a third of staffers amid leadership shakeup |url=https://www.axios.com/2023/03/31/the-block-layoffs-leadership-shakeup}}
In November 2023, The Block sold more than an 80% stake to Singapore-based Foresight Ventures in a $56 million deal at a $70 million valuation.{{Cite web |title=The Block sold to Foresight Ventures in deal worth $70mn |url=https://www.ft.com/content/557ece89-f5a4-4578-ae76-dee2eefa1ea8}}
Emergence event
The Block and Foresight Ventures hosted a conference called Emergence in Prague in December 2024. Former Czech Prime Minister Andrej Babiš and former Mayor of Prague Zdeněk Hřib spoke at the event.
Digital Asset Outlook report
In December 2020, The Block released its first Digital Asset Outlook report covering the state of the market, investment trends, decentralized finance (DeFi), and other thematic trends to watch for in 2021.{{Cite web |title=The Block Research - 2021 Digital Asset Outlook Report |url=https://www.theblock.co/post/88463/2021-digital-asset-outlook |access-date=2025-01-06 |website=The Block |language=en}} Similar reports were released at the end of each subsequent year.{{Cite web |title=The Block Research presents the 2022 Digital Asset Outlook Report |url=https://www.theblock.co/post/127723/the-block-research-2021-digital-asset-outlook-report |access-date=2025-01-06 |website=The Block |language=en}}{{Cite web |title=2023 Digital Asset Outlook |url=https://www.theblock.co/post/196671/2023-digital-asset-outlook |access-date=2025-01-06 |website=The Block |language=en}}{{Cite web |title=2024 Digital Assets Outlook |url=https://www.theblock.co/post/268440/2024-digital-assets-outlook |access-date=2025-01-06 |website=The Block |language=en}}
GMCI indices
The Block and crypto market maker Wintermute launched crypto index provider GMCI in February 2024.{{Cite web |last=Block |first=The |title=The Block Backs New Digital Asset Indices Firm Amid ETF Boom |url=https://www.prnewswire.com/news-releases/the-block-backs-new-digital-asset-indices-firm-amid-etf-boom-302059551.html |access-date=2025-01-06 |website=www.prnewswire.com |language=en}} It provides 12 indices that track aspects of the crypto market, including sectors such as Layer 1 tokens and AI tokens.{{Cite web |title=Indices |url=https://www.gmci.co/indices |access-date=2025-01-06 |website=www.gmci.co |language=en}} The GMCI 30 index represents a selection of the top 30 cryptocurrencies and is available on crypto exchanges Bitget and Woo X, as well as decentralized exchange Vertex.{{Cite web |title=Index - GMCI 30 |url=https://www.gmci.co/indices/gmci-30 |access-date=2025-01-06 |website=www.gmci.co |language=en}}