ADA’s Charles Hoskinson Responds To CoinDesk Selling Rumors
Before making a decision, the executive said he would look at the financial data.
Charles Hoskinson, who is the CEO of Input Output Global, the company that created the Cardano blockchain, wants to buy the cryptocurrency news website CoinDesk.
The second company is looking into a possible sale because its sister company has gone bankrupt. Kevin Worth, who works for CoinDesk, recently said that the publication was getting many indications of interest.
Journalistic Integrity and CoinDesk Acquisition
Hoskinson said in his most recent livestream that he has a wide range of media interests and wants to “figure out how to get to journalistic integrity again.” The executive talked about how important it was to find a way to have a strong media outlet. He even came up with ways to give people money for telling the truth instead of pushing their own agendas.
The leader of IOHK had previously said that the mainstream media was wrong to say bad things about the Cardano ecosystem. With the possible purchase of the Digital Currency Group’s struggling media arm, Hoskinson wants to restore journalistic integrity in the crypto and blockchain industries.
Hoskinson also talked about how different news stories could be made into NFTs so that readers could interact with them.
The executive hasn’t looked at CoinDesk’s books or finances yet, but he thinks the $200 million price tag is “a bit high.” In 2016, DCG bought the media company for about $500,000.
CoinDesk Looking at Alternatives
Reports say that the publication hired advisors from Lazard as it looked for ways to leave Barry Silbert’s Digital Currency Group.
When it began in 2013, CoinDesk was the first to report that Sam Bankman-Alameda Fried’s Research might have done something wrong with their balance sheets. In the end, it set off a downward spiral at FTX that led to the collapse of the crypto exchange, Bankman-arrest, Fried’s and multiple investigations by regulators.
When its sister company, Genesis, stopped withdrawals on its lending side because its derivatives business had $175 million worth of exposure to FTX, the spread of the problem became clear. Also, Genesis, a subsidiary of DCG, had already lost hundreds of millions of dollars because it had invested in the failed crypto hedge fund Three Arrows Capital (3AC).
After having trouble getting money, Genesis became the latest victim of the crypto meltdown when, on January 19, it filed for Chapter 11 bankruptcy.
