Charles Hoskinson, one of the co-founders of Cardano, has stated (1) that he is considering purchasing CoinDesk, the media branch of the Digital Currency Group, which is now experiencing financial difficulties.
Hoskinson believes that the ethics of journalism need to be reevaluated in light of recent developments in blockchain and crypto currency. On the other side, CoinDesk is also thinking about the possibility of selling the company.
Hoskinson stated that his connection with the media aspect is quite intense in a live stream video shown in the United States on Youtube.
According to the rankings provided by CoinMarketCap, the ADA crypto currency issued by Cardano is among the top ten assets, and it now has a market value of roughly $11.68 billion.
Hoskinson estimated that the transaction would set him back around two hundred million USD, and he stated that he intended to investigate the financial aspects of the trade before taking any actual steps.
Media Using Discriminatory treatment
The inventor of Cardano went on to detail the discriminatory treatment utilized by the media in the past, stating that certain outlets would have a specific agenda to disseminate. He then went on to describe how Cardano was created.
The crypto billionaire, who also serves as the head of the company responsible for developing Cardano, has suggested converting several news stories into NFTs, ultimately making it possible for individuals to speak with one another.
He adds that it would be pretty intriguing to display and observe each unique narrative as if it were a live organism, and he thinks this would be cool.
Hoskinson advises introducing financial incentives to clients to make crypto media more responsible. He also argues that the blockchain community may be a decentralized mechanism to do this. In addition, monetary incentives like these will limit Cardano's influence on independent information, which will encourage readers to continually confirm, investigate, and engage with the information.
After the failure of the FTX, which left the company mired in debt, Genesis Global Capital, the cryptocurrency brokerage arm of Digital Currency Group, filed for bankruptcy.
Hoskinson appears to have received information from several sources indicating that Coindesk is attempting to raise capital or is working hard to be bought by other businesses.
This information was discovered after it was discovered that Barry Silbert's Digital Currency Group, also the primary entity, had difficulty with crypto currencies.
After Genesis temporarily halted all customer withdrawals in the middle of November, the company ultimately decided to file for bankruptcy.
History of CoinDesk
In January 2016, DCG made the first purchase of Coindesk for nearly half a million dollars. In 2013, while the crypto currency market was still in its infancy, the website was initially launched. At the time, the crypto currency field was very undeveloped.
Regarding Coindesk hiring Lazard to evaluate movements that would detach it from Barry Silbert's Digital Currency Group, CEO Kevin Worth stated that the company had earned a few inbound propositions of interest in CoinDesk.