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Just-In: Here’s Why Cardano’s Charles Hoskinson Interested In Buying CoinDesk

Cardano founder Charles Hoskinson on Friday said he is considering buying crypto news website CoinDesk to overhaul it into a mix of a news and community site. While the deal is actually reasonable due to readership, crypto events, and impact on the industry, he believes the $200 million asking price is a bit overpriced.

Will Charles Hoskinson Buy CoinDesk?

Cardano founder Charles Hoskinson in a YouTube Live on early January 20 shared why he is interested in buying crypto news outlet CoinDesk. He believes the industry has witnessed bad media in recent times, as well as news outlets’ relations to FTX have been questioned as they received investments from companies related to Sam Bankman-Fried.

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

CoinDesk revealed on Wednesday that it hired financial advisers at Lazard to explore options, including a partial or full sale. The news website is owned by Digital Currency Group, whose lending subsidiary Genesis Capital is expected to file for bankruptcy soon.

Charles Hoskinson asserts that he hasn’t seen CoinDesk’s books or financials, but the gross profit was around $50 million. The asking price for the sale is about $200 million. DCG acquired CoinDesk for roughly $500,000 in 2016.

“At $200 million, I believe it’s a bit overpriced,” he said. “I could afford it if I really wanted to.”

However, he believes the crypto industry needs a strong media outlet. He also suggested turning various news pieces into non-fungible tokens, making it possible for people to interact with them.

Cardano’s Status in the Crypto Space

Cardano’s cryptocurrency is down about 76% in the past year. Some other major blockchains are growing faster than Cardano. The number of monthly active developers increased by 5% last year.

Cardano has 30 active , such as games, on its network, according to DappRadar. Whereas, Ethereum has nearly 4,000.

ADA price is currently trading at $0.34, up over 3% in the last 24 hours. The 24-hour low and high are $0.328 and $0.342, respectively.

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 1/20/2023

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