One of the leading crypto industry news sites CoinDesk appealed to the advisers of lazard, a leading financial advisory and asset management firm, to consider a full or partial sale of its business. The move comes as CoinDesk’s sister company, Genesissuffered a liquidity crisis after the collapse of FTX.
CoinDesk, which is wholly owned by the venture capital firm Group of Digital Currencieswants to sell some or all of its business to pull it out of the crypto conglomerate, suggesting that its empire Barry Silbert may be in trouble.
According to one ITEM published on Thursday by Reuters, CEO of CoinDesk, Kevin Worth, confirmed the news, saying the crypto medium’s listing has generated some interest. He is said to have said:
“My goal in engaging Lazard is to explore various options to raise growth capital for CoinDesk’s business, which could include a partial or full sale.”
Launched in 2013, CoinDesk has established itself as a leading source of information within the crypto industry. The media was one of the first to reveal the possible irregularities in the balance sheetAlameda Research.
CEO of Binance, Changpeng Zhaowhich is still held by Sam Bankman-Fried to become responsible for the decline of FTX, announced its decision to sell all of its shares in FTT (FTX’s parent token), justifying its decision with the CoinDesk article. The move then triggered a downward spiral for the FTX exchange, which filed for bankruptcy in November.
Next, Bankman-Fried was stopped in the Bahamas in December last year after US prosecutors formally filed criminal charges against him. He was eventually extradited to the United States, where he was released from prison after appearing in one $250 million bond in a New York court.
On November 29, the information page Semafor reported that several buyers had expressed interest in CoinDesk, with one potential buyer offering up to $300 million.
According to available information, CoinDesk would have annual revenue of $50 million. Also, the site is the organizer of the conference consensuswhich is expected to gain importance as it can fill the void created by the fall of FTX.
DCG is a crypto conglomerate that lists over 160 companies in its portfolio on its website, 28 of which have been acquired. CoinDesk, Gray stairs AND Genesis are three of the largest companies in its portfolio.
In the wake of FTX’s collapse, Genesis announced that it suspended repurchase transactions and new loans. In a statement on Twitter, the company said “abnormal withdrawal requests” had exceeded its “current liquidity”.
According to recent discoveries, Genesis owes it 3 billion dollars to its customers, including $900 million for its customers Gemini and over $301 million for Dutch exchange users Bitvavo.
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