• Charles Hoskinson, co-founder of Cardano, is considering purchasing CoinDesk, the media wing of Digital Currency Group.
• Hoskinson believes 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.
Charles Hoskinson, the co-founder of Cardano, has recently expressed his interest in 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 coin market has been going through a roller coaster ride with the ongoing pandemic and the events of the past year. With the cryptocurrency sector becoming increasingly unpredictable, Hoskinson believes that the addition of a news outlet such as CoinDesk would be beneficial for the sector. Moreover, the news outlet would be in a better position to cover the ever-evolving market more accurately and objectively.
Hoskinson has also indicated that he is open to the idea of having other investors such as venture capitalists on board with the purchase. He believes that this will ensure the financial viability of the news outlet and also help in bringing in additional expertise.
If the acquisition is successful, Hoskinson believes that it will be a major step towards the future of cryptocurrencies. With the help of CoinDesk, the sector will be able to gain more credibility and trustworthiness as a result of its unbiased and reliable coverage of the space. Furthermore, the news outlet will be able to break down complex and technical topics into easily understandable terms which will benefit the general public.
At the same time, Hoskinson is aware of the pitfalls of taking such a bold decision. He believes that the purchase of CoinDesk may not be profitable in the short term, but can bring about long-term benefits for the cryptocurrency sector. By taking over the news outlet, he is hoping to bring about more transparency and credibility to the sector.
Overall, Charles Hoskinson’s proposed purchase of CoinDesk has the potential to be a game-changer for the cryptocurrency sector. The acquisition will bring about more trustworthiness and reliability to the sector and also help to educate the public about the various aspects of the market. It will be interesting to see how the acquisition goes forward in the future.