CoinDesk Sees A Potential Buyer From Cardano Founder

Charles Hoskinson, co-founder of the blockchain network Cardano, is interested in purchasing CoinDesk, DCG’s media arm, despite the company’s current difficulties.

According to Yahoo! Finance, Hoskinson’s reasoning as to why he has shown strong interest in buying up DCG’s media unit is that he believes journalism integrity should be restored. The Cardano co-founder’s interest was made known after CoinDesk announced its exploration of a possible sale.

Hoskinson disclosed in a video livestream in the U.S., last week:

“My interest on the media side is more broad… I would like to figure out how to get to journalistic integrity again.” 

Purchase Process Won’t Be A Walk In The Park

Even though Hoskinson has stated publicly that he is interested in acquiring CoinDesk, it would not be a smooth and fast transaction, according to reports.

Hoskinson said that he sees the selling price of $200 million for CoinDesk to be overpriced, stating that a review of the pre-purchase will be done after the firm’s books have been properly reviewed.

Charles Hoskinson. Image: Harvard International Review

Meanwhile, on CoinDesk’s side of affairs, its management has decided to hire investment bank Lazard Ltd. as its main financial advisor. The financial guru is tasked by DCG’s media arm in exploring ways on how to successfully sell CoinDesk, removing a burden from DCG’s CEO and founder, Barry Silbert.

The sale of the popular crypto news portal follows a string of complications in the aftermath of the closure of FTX.

The crypto brokerage arm of DCG, Genesis Global Captial (GGC), declared bankruptcy on Thursday.

Image: Business Wire

Further Reasons For Hoskinson’s Interest In CoinDesk

Hoskinson provided additional reasons for showing interest in buying CoinDesk. One of them is that both readers and the blockchain community can be provided with incentives that will aid them financially, resulting in a responsible and accurate crypto media that is decentralized.

The leader of IOHK has already lambasted the mainstream media for its negative coverage of the Cardano ecosystem. With the probable acquisition of the faltering Digital Currency Group’s media division, Hoskinson hopes to restore moral ethics in crypto and blockchain sector reportage.

Hoskinson added that financial incentives can limit Cardano’s influence over independent reporting, thereby encouraging readers to actively verify, challenge, and engage with the reporting.

Crypto total market cap revisits the $1 trillion mark on the weekend chart | Chart: TradingView.com

Meanwhile, according to Hoskinson, CoinDesk is missing a metaverse component and a “good video side.” He agreed that the company was attempting to develop its video offering, but said that it was not well-liked.

He also pointed out that CoinDesk might enter into other agreements, stating how a cooperation with crypto analytics startup Messari would benefit both parties.

According to CoinMarketCap rankings, the ADA token is one of the top 10 cryptocurrencies, with a market capitalization of approximately $11.7 billion.

Featured image by Sierra Vista Home