Charles Hoskinson, co-founder of the blockchain network Cardano, is interested in buying CoinDesk, the media arm of DCG, despite the company’s current difficulties.
According to Yahoo! Financially, Hoskinson’s reason for why he has shown a strong interest in buying DCG’s media unit is that he believes that the integrity of journalism needs to be restored. The interest of the co-founder of Cardano is known after CoinDesk announced the exploration that could be sold.
Hoskinson announced in a video livestream in the US last week:
“My interest in the media side is more … I want to figure out how to get journalistic integrity back.”
The Buying Process Won’t Be A Walk In The Park
Although Hoskinson has stated publicly that he wants to acquire CoinDesk, it will not be a smooth and quick transaction, according to reports..
Hoskinson said he sees the $200 million sale price for CoinDesk to be overpriced, noting that the pre-purchase review will be completed after the company’s books have been properly reviewed.
Charles Hoskinson. Image: Harvard International Review
Meanwhile, on CoinDesk’s side of affairs, management has decided to hire investment bank Lazard Ltd. as a primary financial advisor.. The financial guru was tasked by DCG’s media arm to explore ways to successfully sell CoinDesk, taking the burden off DCG’s CEO and founder Barry Silbert.
The sale of the popular crypto news portal follows a series of complications following the closure of FTX.
DCG’s crypto brokerage arm, Genesis Global Captial (GGC), announced bankruptcy on Thursday.
Image: Business Wire
More reasons for Hoskinson’s interest in CoinDesk
Hoskinson provided additional reasons for showing interest in buying CoinDesk. One is that readers and the blockchain community can be given incentives that will help them financially, resulting in a responsible and accurate decentralized crypto media.
IOHK leaders have criticized the mainstream media for their negative coverage of the Cardano ecosystem. With the possible acquisition of Digital Currency Group’s faltering media division, Hoskinson hopes to restore moral ethics in crypto and blockchain sector reportage.
Hoskinson added that financial incentives could limit Cardano’s influence on independent reporting, thereby encouraging readers to actively verify, challenge, and participate in reporting.
Crypto total market cap revisits the $1 trillion mark on the weekend chart | Chart: TradingView.com
Meanwhile, according to Hoskinson, CoinDesk is missing the metaverse component and “the good video side.” He agreed that the company was trying to expand its video offering, but said it wasn’t popular.
He also pointed out that CoinDesk could sign another agreement, stating how cooperation with crypto analytics startup Messari would benefit both parties.
According to the CoinMarketCap ranking, 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