lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 62,267.68
ethereum

Ethereum (ETH)

Price
$ 3,433.21
cardano

Cardano (ADA)

Price
$ 0.692973
xrp

XRP (XRP)

Price
$ 0.596432
litecoin

Litecoin (LTC)

Price
$ 84.04
stellar

Stellar (XLM)

Price
$ 0.125401

CoinDesk could be up for grabs if parent company DCG fights for funds

Published on

January 19, 2023
Read Time:1 Minute, 37 Second

Crypto media outlet CoinDesk is reportedly contemplating a possible sale as guardian firm Digital Forex Group (DCG) seeks to strengthen its stability sheet.

In response to the Wall Avenue Journal, CoinDesk has accomplished so searched the assistance of funding bankers from monetary advisory agency Lazard, who're serving to the agency weigh choices, together with a full or partial sale.

, I simply discovered that Coindesk is on the market. pic.twitter.com/QqmBPOClpu

— Charles Hoskinson (@IOHK_Charles) January 19, 2023

DCG has reportedly obtained a number of $200 million affords over the previous few months to purchase out the media firm, which might end in an exceptional return on their funding, as DCG reportedly acquired the corporate in 2016 for simply $500,000.

Barry Silbert's DCG seems to have been in critical monetary bother recently, and introduced to shareholders on Jan. 17 that it will droop dividends to strengthen its stability sheet and "protect liquidity."

On Jan. 18, Bloomberg reported that one other DCG subsidiary, crypto lending firm Genesis International, was planning to file for chapter after revealing that it owed over $3 billion to collectors — possible a key issue contributing to the monetary issues contributed by DCG.

CoinDesk and Genesis are among the many roughly 200 crypto-related firms in DCG's enterprise capital portfolio, in response to their web site. Different firms DCG owns embrace wealth administration agency Grayscale Investments, crypto trade Luno, and consulting agency Foundry.

Associated: Gemini and Genesis' authorized woes will proceed to rock the business

Some imagine CoinDesk's November article exposing the irregularities in Alameda Analysis's stability sheet was the primary domino that finally led to the downfall of crypto trade FTX and the liquidity issues dealing with Genesis and its guardian firm DCG and the broader crypto market are actually dealing with.

Cointelegraph has reached out to CoinDesk to verify {that a} attainable sale is being thought of, however had not obtained a response on the time of publication.



Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 19, 2023
Top crossmenumenu-circle