Here’s Why Cardano’s Charles Hoskinson Is Interested In Buying CoinDesk – Crypto News – Crypto News
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Here’s Why Cardano’s Charles Hoskinson Is Interested In Buying CoinDesk – Crypto News

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Cardano founder Charles Hoskinson said on Friday 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 sessions 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 advisors 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 tokensmaking 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 dapps, 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.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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