The founder of Cardano, Charles Hoskinson, has claimed that he is interested in buying CoinDesk, one of the leading crypto news publications. CoinDesk has already hired Lazard as an investment banker as it considers its partial or full sale.
Charles Hoskinson is interested in buying CoinDesk
Hoskinson noted that his interest in the media sector was broad, adding that he was interested in coming up with a way of getting journalist integrity back. He also said that he had been treated unfairly by the media, adding that some outlets had an agenda they wanted to push.
Hoskinson is actively involved in the development of the Cardano blockchain. He leads the Cardano development company known as Input Output Global. Hoskinson plans to transform the crypto news sector by transforming news articles into non-fungible tokens (NFTs). This would boost the interaction between the readers and the publication.
According to Hoskinson, it would be “really cool” if the readers could view each new story as a living thing. Hoskinson is one of the key players in the crypto community. Besides promoting the Cardano blockchain, Cardano is also vocal on various issues in the crypto industry.
CoinDesk hires Lazard as it explores sale
Coindesk is currently exploring a possible sale of the crypto publication. The company has already hired Lazard as the advisor, who will explore the sale option to take the news publication out of Digital Currency Group (DCG) ownership. DCG wholly owns CoinDesk.
The CEO of CoinDesk, Kevin Worth, issued a statement saying that in the last few months, the company had received numerous indicators of investors showing interest in the crypto publication. Worth noted that Lazard would aid CoinDesk in exploring options that will attract growth capital to the company.
The potential sale of CoinDesk comes amid speculations about the financial situation of its parent company, DCG. DCG recently suspended withdrawals to save cash by reducing expenses. DCG is one of the largest entities in the crypto space, and it is behind the largest digital asset manager, Grayscale. However, the company has not been immune to the contagion witnessed in the crypto space following the bankruptcy of FTX.
DCG’s other subsidiary, Genesis, has filed for Chapter 11 bankruptcy. The bankruptcy filing was a long way coming since the company halted withdrawals for its lending unit on November 16. Genesis funds were locked up at FTX, exposing the company to the bankruptcy crypto hedge fund Three Arrows Capital. Genesis reportedly owes creditors more than $3 billion.
Genesis is also facing a lawsuit filed by the US Securities and Exchange Commission (SEC). The SEC claims that Gemini Earn, a program run by both Genesis and the Gemini crypto exchange, was an unregistered security. After Genesis halted withdrawals, it affected more than 340,000 Gemini Earn users, to whom it reportedly owes around $900 million. The co-founder of Gemini, Cameron Winklevoss, has called for the resignation of DCG’s CEO, Barry Silbert.
- CoinDesk Has Hired Lazard to Find a Buyer for All or Part of Business – Are Things That Bad at DCG?
- How FTX Could Have Been Spotted by This Intelligent Trading Platform
- Binance Wants a Sandbox For Crypto on Twitter, Says Chief Strategy Officer
FightOut - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $1M+ Raised
- Real-World Community, Gym Chain