thecoinrepublic.com
- The executive thinks the $200 million asking price is a bit high. In 2016 DCG paid about $500,000 to purchase the media company
The owner of the company that created Cardano blockchain, Charles Hoskinson, is interested in purchasing the cryptocurrency news site CoinDesk.
The latter is investigating a potential sale as its sister firm enters bankruptcy. Kevin Worth of CoinDesk recently emphasized the fact that the publication is seeing many inbound signs of interest.
A reputable news source that focuses on blockchain technology and cryptocurrencies is CoinDesk. Since its founding in 2013, it has established itself as a go-to-source for market news. Owner of CoinDesk is the venture capital company Digital Currency Group (DCG), which makes investments in blockchain and cryptocurrency startups.
Hoskinson stated that he is interested in a variety of news organizations and that he wants to find out how to re-establish journalistic integrity on the most recent livestream. The execution made it clear that we must figure out how to establish a more powerful media platform. He also recommended ways to use money to encourage people to tell the truth rather than their own objectives.
Mainstream media was condemned by IOHK SUPREMO FIRST for portraying the Cardano ecosystem negatively. Hoskinson hopes to restore journalistic integrity in reporting on the cryptocurrency and blockchain industries by taking over the media division of the struggling Digital Currency Group.
Another point mentioned by Hoskinson was the conversion of various news articles into NFT’s that allows readers to engage with them. The executive has not yet reviewed CoinDesk’s books or finances but he thinks the $200 million asking price is a bit high. In 2016 DCG paid about $500,000 to purchase the media company.
According to reports, the magazine has retained Lazard advisors as it looks at alternatives to Barry Silbert’s digital currency firm.
CoinDesk which was founded in 2013 was the first publication to report on a possible balance sheet crisis at Sam Bankman-Alameda Fried’s Research. This ultimately set off a downward spiral in FTX which resulted in the collapse of the cryptocurrency exchange, Bankman-subsequent Fried’s arrest and a number of regulatory inquiries.
The ripple effect became apparent when its sister company, Genesis, froze withdrawals on its lending side due to a $175 million exposure to FTX in its derivatives business. Furthermore, due to its exposure to the defunct cryptocurrency hedge fund Three Arrows Capital, a DCG subsidiary named Genesis had already experienced losses of several hundred million dollars.
Genesis, which had a difficult time raising money, was the most recent victim of the crypto crash when it filed for Chapter 11 bankruptcy protection on January 19.
The bitcoin community considers CoinDesk to be a valuable resource. Although CoinDesk’s future is still unknown.it is obvious that the publication has a loyal readership and is well-regarded in the sector. Whatever happens, it is hoped that CoinDesk will carry on offering useful information to the bitcoin community.