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- Crypto media giant, CoinDesk, a subsidiary of Digital Currency Group is up for sale.
- Cardano founder, Charles Hoskinson may be making a bid for the media firm.
The members of the Cardano community are ecstatic with the prospect that founder, Charles Hoskinson may be on the verge of submitting a bid for the media giant, Coindesk. It was recently made public that the crypto news platform is up for sale following the uncertainty surrounding the future of its parent company, the Digital Currency Group (DCG).
Hoskinson took to his official Twitter account and shared that he just discovered the media platform is for sale and that he will make some calls to know the asking price for the news outlet. The community was particularly intrigued by this announcement and many are already prompting the veteran crypto developer to make the decision to buy Coindesk.
You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu
— Charles Hoskinson (@IOHK_Charles) January 19, 2023
One user with the handle, @MandarinCrypto said rather than Hoskinson buying the media firm as a sole investor, he should consider letting the community make the acquisition, a move he claims should be legally represented using Non-Fungible Tokens (NFTs). While this suggestion appears as one of the most innovative use cases of ADA, and the blockchain, there will still be regulatory bottlenecks that prospective buyers may have to pass through.
Coindesk plays a very vital role in the evolution of information surrounding the Web 3.0 space. The company was acquired by the Digital Currency Group in 2016 for the sum of $500,000 according to a report by TechCrunch.
While the current valuation of the company remains unknown, the firm is reported to have received offers of as much as $200 million, and if true, Hoskinson or the Cardano community will need to cough out this much money in a short period of time. Should Coindesk be sold off at a price higher than its 2016 purchase price, it will amount to a significant return on investment at a time when Web3 companies are notably recording major devaluation.
Is Coindesk a good fit for Charles Hoskinson?
Should Charles Hoskinson proceed with the rumored plans to place a bid for Coindesk, it will represent a major diversification for the Cardano ecosystem. For Hoskinson, who is always media friendly, being the majority owner of Coindesk can help push the work he is doing with Cardano to the frontlines.
One user even commented that the acquisition, if it pulls through, will enable Hoskinson and the Cardano team to write the wrong narratives that Coindesk has peddled over the years regarding the Cardano blockchain and its ecosystem.
It is not uncommon to find crypto executives investing in a media platform. Binance Exchange through its Chief Executive Officer, Changpeng “CZ” Zhao also made a $200 million investment in Forbes back in February last year. The strategic investment as it was called at the time was considered a getaway investment for the trading platform which was always under the crosshairs of Forbes’ investigative journalism.
While the need to sell CoinDesk either fully or partially has been confirmed by the current CEO, there has been no official indication as to whether Hoskinson or any other crypto firm or personality is interested in the media firm.
