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Cardano Co-Founder Hoskinson Considering Acquiring CoinDesk

UTC by Sanaa Sharma · 3 min read
Cardano Co-Founder Hoskinson Considering Acquiring CoinDesk
Photo: Web Summit / Flickr

Hoskinson predicted that the purchase would cost him around two hundred million USD and that he will examine the financial details before taking concrete action.

Cardano Co-founder Charles Hoskinson has said that he is mulling over acquiring CoinDesk, the media wing of the now-struggling Digital Currency Group. According to Hoskinson, the virtue of journalism needs to be rehabilitated on cryptocurrencies and blockchain. CoinDesk, on the other hand, is also contemplating the chances of a sale.

Hoskinson, in a Youtube live stream in the United States, said that his involvement with the media angle is intense. Cardano’s ADA cryptocurrency is one of the top ten assets, according to CoinMarketCap rankings, with a market capitalization of approximately $11.7 billion.

Hoskinson predicted that the purchase would cost him around two hundred million USD and that he will examine the financial details before taking concrete action. CoinDesk has also employed Lazard Ltd as a financial advisor to investigate options for a sale, according to the Wall Street Journal.

The Cardano founder went on to describe the biased treatment employed by the media in the past, arguing that a few particular shops would have a particular agenda to propagate. The crypto tycoon, who also leads the Cardano development firm Input Output, has proposed changing several news articles into NFTs, eventually making it possible for people to communicate with each other. He suggests that it would be extremely interesting to present and watch every individual story as a living entity.

Hoskinson also suggests offering financial incentives to customers while the blockchain community could be a decentralized way of making crypto media more accountable. Moreover, financial incentives like these will contain Cardano’s impact over independent reporting, which will pull readers to persistently confirm, examine and interact with the reporting.

Genesis Global Capital, which is the crypto brokerage wing of Digital Currency Group, filed for bankruptcy last Thursday in New York following the collapse of the FTX which left the firm buried under debt.

Hoskinson, apparently, heard from sources that Coindesk for seeking money or trying desperately to get acquired by some other firms. This news comes after Barry Silbert’s Digital Currency Group, which is also the main unit, sunk into crypto trouble. Genesis filed for bankruptcy after suspending all withdrawals for users in mid-November.

Coindesk was initially acquired by DCG for around $500,000 back in January 2016. The website was previously inaugurated in 2013 when the cryptocurrency space was rather in its nascent stage.

On the topic of Coindesk hiring Lazard to weigh in on moves that would dissociate it from Barry Silbert’s Digital Currency Group, CEO Kevin Worth said that the company has received several inbound proposals of interest in CoinDesk.

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