CoinDesk

CoinDesk is a news site specializing in bitcoin and digital currencies. CoinDesk also provides guides to bitcoin for those new to digital currencies.[1] Founded by Shakil Khan, the site was subsequently acquired by Digital Currency Group.

CoinDesk
Type of businessSubsidiary
HeadquartersNew York, NY,
U.S.
Area servedWorldwide
Founder(s)Shakil Khan
EditorMarc Hochstein
IndustryDigital currency
Employees15+
ParentDigital Currency Group
URLcoindesk.com
LaunchedMay 2013 (2013-05)

History

CoinDesk was founded by entrepreneur Shakil Khan and began publishing in May 2013.[2] Khan is also an investor in BitPay,[3] a bitcoin payment processor.

At the start of 2016, CoinDesk was acquired by Digital Currency Group for an estimated US$500,000–600,000.[4] The next year, in 2017, the company acquired blockchain data and research platform Lawnmower.[5] In 2021 the company acquired cryptocurrency data analytics firm TradeBlock.[6]

In December 2017, CoinDesk established CoinDesk Korea in collaboration with the 22nd Century Media Co., subsidiary of Hankyoreh Co., Ltd. to provide blockchain news service in South Korea.[7]

In November 2022, CoinDesk reported that FTX's partner firm Alameda Research held a significant portion of its assets in FTX's native token FTT. The news led to a bank run and liquidity crisis at FTX, culminating in FTX filing for bankruptcy protection.[8][9][10]

Consensus Event

Consensus is CoinDesk's annual crypto summit. It started in 2015. It has been held in New York City from 2017 to 2019,[11][12] virtually in 2020 and 2021, and in Austin, Texas since 2022.[13]

Bitcoin Price Index

The CoinDesk Bitcoin Price Index (CoinDesk BPI) was launched in September 2013.[14] The Bitcoin Price Index is an average of bitcoin prices across bitcoin exchanges, and began by using price data from Bitstamp, BTC-e and CampBX. Although Mt. Gox data was not used initially, due to withdrawal concerns for US customers,[15] in November 2013, Mt. Gox was added to the BPI due to "a reduction in the risk premium and the option of additional deposit/withdrawal methods".[16] The Mt. Gox bitcoin exchange was eventually removed from the index in February 2014 after its "persistent failure to meet the index's standards for inclusion".[17]

The index was restored to an average of three exchanges in March 2014 with the inclusion of Bitfinex price data, according to CoinDesk: "Since the decline of Mt. Gox, we have observed that Bitfinex has been able to sustain a dramatic increase in its share of the total volume of U.S. dollar-denominated bitcoins traded".[18]

Publications which have referenced the Bitcoin Price Index data or price include the BBC,[19] The Wall Street Journal,[20] Reuters,[21] The New York Times,[22] CNBC,[23] and Bloomberg News.[24]

State of Bitcoin report

In February 2014, CoinDesk released its first 'State of Bitcoin' report. The aim of the report is: to provide an overview of key cryptocurrency trends, challenges, and opportunities, while also highlighting the most important developments over the last year.[25] A follow-up report in Q2 2014 highlighted that venture capital investment in bitcoin companies was up 28 percent compared to the previous quarter,[26] and that VC investment was pouring into European Bitcoin startups.[27]

References
  1. Summers, Nick (August 21, 2013). "Baffled by the world of Bitcoin? This beginner's guide will tell you everything you need to know". The Next Web.
  2. Cutler, Kim-Mai (May 1, 2013). "Angel Investor, Spotify Fixer Shakil Khan Launches Coindesk, A Bitcoin Resource". TechCrunch.
  3. Olanoff, Drew (Jan 7, 2013). "BitPay Banks $510K In Investment To Become PayPal for Bitcoin, Already Has 2,100 Businesses On Board". TechCrunch.
  4. Matney, Lucas (13 January 2016). "CoinDesk Gets Acquired By Digital Currency Group". TechCrunch. Retrieved 26 April 2018.
  5. Roberts, Daniel (January 30, 2017). "The biggest bitcoin news site bought the best bitcoin data app". Yahoo! Finance.
  6. Vigna, Paul (January 5, 2021). "CoinDesk Buys TradeBlock, Joining Rush for Bitcoin Analytics". Wall Street Journal.
  7. "CoinDesk Korea Website".
  8. Allison, Ian (2 November 2022). "Divisions in Sam Bankman-Fried's Crypto Empire Blur on His Trading Titan Alameda's Balance Sheet". CoinDesk. Retrieved 9 November 2022.
  9. Macheel, Tanaya. "Bitcoin briefly touches a new low for the year, FTX token plunges more than 75% in broad crypto sell-off". CNBC. Retrieved 2022-11-18.
  10. Darcy, Oliver (November 24, 2022). "How a scoop by a little-known crypto site led to the fall of Sam Bankman-Fried and implosion of FTX". CNN Business. Retrieved December 25, 2022.
  11. Hodgson, Sam (2018-05-18). "When Thousands Filled a Hilton Ballroom to Ponder the Future of Bitcoin". The New York Times. ISSN 0362-4331. Retrieved 2023-04-30.
  12. Canellis, David (2019-03-18). "Australia's new blockchain strategy is $71K and a non-existent roadmap". TNW | Fintech-Ecommerce. Retrieved 2023-04-30.
  13. "Transcript: Senator Pat Toomey on the Bad State of Crypto Regulation". Bloomberg.com. 2022-09-15. Retrieved 2023-04-30.
  14. Del Rey, Jason (September 11, 2013). "What's a Bitcoin Really Worth? CoinDesk Thinks It Has the Answer". All Things D.
  15. Matonis, Jon (September 11, 2013). "CoinDesk launches proprietary Bitcoin Price Index". CoinDesk.
  16. "About the Bitcoin Price Index". CoinDesk. CoinDesk.
  17. Forgione, Sam (Feb 11, 2014). "Bitcoin plunges after marketplace indefinitely halts withdrawals". Reuters. Reuters.
  18. Casey, Michael J.; Vigna, Paul (Mar 12, 2014). "BitBeat: Coindesk Index Finds a Mt. Gox Replacement". The Wall Street Journal.
  19. "Bitcoin price falls to 11-month low". BBC. Oct 6, 2014.
  20. Vigna, Paul; J. Casey, Michael (Sep 19, 2014). "BitBeat: More Pain For Bitcoin Prices; Are Chinese Miners To Blame?". The Wall Street Journal.
  21. Forgione, Sam (Feb 11, 2014). "Bitcoin plunges after marketplace indefinitely halts withdrawals". Reuters. Reuters.
  22. Ember, Sydney (July 1, 2014). "Single Winner of All Bitcoins in U.S. Auction". The New York Times.
  23. Rosenfield, Everett (Aug 13, 2014). "Bitcoin gets bit by a summertime swoon". CNBC.
  24. Dougherty, Carter (Feb 7, 2014). "Bitcoin Price Plunges as Mt. Gox Exchange Halts Activity". Bloomberg.
  25. Del Rey, Jason (Feb 27, 2014). "(Almost) Everything You Want to Know About Bitcoin, in One Report". Re/Code.
  26. Carson, Biz (July 11, 2014). "This week in bitcoin: VC investment is up and shows no signs of stopping after Xapo". Gigaom.
  27. Wile, Rob (July 11, 2014). "Investors Are Plowing Into European Bitcoin Firms Faster Than Any Other Region In The World". Business Insider.
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