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The new structure, which unlocks a pool of equity for employees, allows The Block to continue to retain and appeal to top tier talent in the competitive multi-trillion dollar crypto market and, in turn, enables the ability to rapidly expand and serve the growing industry in the next phase of its evolution. Every employee has an interest in the firm.
Financial details of the transaction were not disclosed.
Michael McCaffrey, CEO of The Block, commented, "We believe employee ownership best drives value and long term alignment for our readers, members and sponsors, and it positions The Block to continue attracting top-notch talent in the space."
Larry Cermak, Director of Research, added, "With our new structure, we are now even more confident that we'll successfully deliver independent, market leading research and services to our institutional customer base."
Looking to the future, The Block will continue to explore features, products and partnerships that benefit its end user. As an independent firm, The Block readers and clients can be 100% certain that their coverage of the nascent digital asset market is free of bias and favor.
Frank Chaparro, Director of News, commented, "The move builds on the entrepreneurial spirit of our growing news team which spans specialists in trading, fintech, non fungible tokens, regulations, and more. We're thrilled to be the only independent, professional news team in the crypto market."
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Industry leaders agree.
Matt Huang, Co-Founder of Paradigm, a client of The Block Research, commented, "The Block consistently delivers informative commentary about the crypto market. They dig deep and get the technical details right. We are excited that they will now be an independent voice within the industry."
Mike Novogratz, CEO and founder of Galaxy, commented, "The Block has long been a trusted news and data source in the crypto market, and we are excited for its next phase of growth as a fully independent crypto-focused media company."
David Mercer, CEO of LMAX Group, that operates LMAX Digital added, "I am exceptionally pleased for the team and Mike [McCaffrey] who have done an excellent job in making The Block a key resource for anyone engaged in the world's newest and most exciting asset class. I well understand the buyout path and now that they have real skin in the game, I expect their business to go from strength to strength and I wish them success in the years ahead."
Outside of the digital asset industry, The Block has also built a strong reputation in the broader media and information marketplace for its ambitious approach to covering a rapidly evolving space.
Austin Rief, COO of Morning Brew, commented, "It's been impressive to see The Block establish itself as a leader in both the digital media space as well as the growing crypto space during the last 2 years. I'm excited to see where Mike [McCaffrey] and team go next with this creator friendly structure."
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The Block's new structure will put it in a strong position to continue to retain and onboard talent. At just under forty employees today, the company plans to double headcount and hire across research, news, engineering, product and sales.
About The Block
The Block is a leading research and news company focused on the fast-growing digital asset industry. Founded in April 2018, The Block draws in more than 3 million monthly readers and counts financial institutions, sovereign wealth funds, billion-dollar asset managers and technology majors among its institutional clientele. The Block Research provides a unique research membership service, offering bespoke engagements, daily content from a best-in-class team, educational sessions, and sponsorship opportunities. Readers and subscribers can also track the growth of the digital asset space via The Block's newly-launched Data Dashboard, a comprehensive visualization tool that provides the key information about a rapidly evolving ecosystem.
SOURCE The Block
Filed Under: Business
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