Charles Hoskinson, CEO of Input Output Global, the company behind the Cardano blockchain, is interested in buying CoinDesk, a cryptocurrency news site.
The latter is considering a potential sale after its sister company went bankrupt. CoinDesk’s Kevin Worth recently claimed that the publication has received “numerous signs of inbound interest.”
On a potential CoinDesk acquisition and journalistic integrity
in the latest live stream, Hoskinson said that his media interests were broad and that he wanted to “find a way to restore the integrity of journalism.” The executive stressed the need for powerful media to find a way to his outlet. He even suggested ways to have financial incentives for being honest rather than pushing a specific agenda.
Former IOHK supremo criticized Mainstream media directing negative views towards the Cardano ecosystem. With a potential acquisition of the media arm of the beleaguered digital currency group, Hoskinson is trying to restore journalistic integrity when it comes to covering the cryptocurrency and blockchain industries.
Hoskinson also pointed out the NFTification of various news stories so that readers can interact with them.
Executives have yet to check CoinDesk’s books and financials, but believe the $200 million asking price is “a little too high.” DCG bought the media company in 2016 for about $500,000. bottom.
Exploring CoinDesk Options
The publication reportedly hired advisors to Lazard as it seeks a way out of Barry Silbert’s digital currency group.
CoinDesk, which launched in 2013, was the first to break the story of Sam Bankman-Fried’s Alameda Research potential balance sheet fraud. It eventually triggered a downward spiral for his FTX, leading to the collapse of the cryptocurrency exchange and subsequent arrest of his Bankman-Fried, as well as multiple regulatory investigations.
The contagion went home when sister company Genesis suspended lending-side withdrawals because it had $175 million exposure to FTX in its derivatives business. Also, DCG subsidiary Genesis had already lost hundreds of millions of dollars due to its exposure to failed cryptocurrency hedge fund Three Arrows Capital (3AC).
After struggling to raise funds, Genesis became the latest victim of the crypto meltdown, filing for Chapter 11 bankruptcy protection on January 19.
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