One of the leading cryptocurrency industry news sites CoinDesk appealed to the advisers of lazards, a leading financial advisory and wealth management firm, to consider a sale of all or part of its business. The move comes as a subsidiary of CoinDesk, Genesissuffered a liquidity crisis following the collapse of FTP extension.
CoinDesk, which is wholly owned by the venture capital firm Digital currency groupwould like to sell some or all of its business in order to withdraw it from the cryptocurrency conglomerate, which suggests that the cryptocurrency empire Barry Silbert could be in trouble.
According to an article published by Reuters on Thursday, the CEO of CoinDesk, Kevin Vale, confirmed the news, stating that the listing of the cryptographic medium has generated some interest. He reportedly said:
“My goal in engaging Lazard is to explore various options for attracting growth capital for the CoinDesk business, which could include a partial or full sale.”
Launched in 2013, CoinDesk has established itself as one of the leading sources of information in the cryptocurrency industry. The media were among the first to reveal the potential budget irregularities ofResearch Alameda.
The managing director of Binance, Changpeng Zhaowhich is still held by Sam Bankman-Fried responsible for the collapse of FTX, announced its decision to sell all its shares in FTT (the native token of FTX), justifying its decision with the CoinDesk article. The move then set off a downward spiral for the FTX exchange, which filed for bankruptcy in November.
Subsequently, Bankman-Fried was arrested in the Bahamas in December last year after US prosecutors formally filed criminal charges against him. Eventually he was extradited to the United States, where he was released from prison after posting $250 million bail in a New York court.
On Nov. 29, news site Semafor reported that several buyers had expressed interest in CoinDesk, with one of the prospective buyers offering up to $300 million.
According to the available information, CoinDesk has an annual income of $50 million. Also, the site is the organizer of the conference Consentwhich should gain importance as it could fill the gap created by the fall of FTX.
DCG is a cryptocurrency conglomerate that lists over 160 companies in its portfolio on its website, 28 of which have been acquired. CoinDesk, Greyscale And Genesis are three of the largest companies in its portfolio.
In the wake of FTX’s collapse, Genesis announced the suspension of buyouts and new loans. In a statement on Twitter, the company said that “abnormal withdrawal requests” exceeded its “current liquidity”.
According to the latest disclosures, Genesis owes up to $3 billion to its customers, including $900 million to customers of Twins and over $301 million to users of the Dutch Exchange Bitvavo.
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