After the Genesis crisis… CoinDesk media platform is facing a possible sale
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Answer After the Genesis crisis… CoinDesk media platform is facing a possible sale
Hours after news broke that DCG’s crypto company, Genesis, was planning to file for bankruptcy, media company CoinDesk, which is also affiliated with DCG, ran into trouble.
DCG’s media publishing house may have hired consultants at the Lazard Group for a potential sale.
This move could mean CoinDesk’s exit from the mantle of Barry Silbert’s cryptocurrency group.
The Wall Street Journal was first to report the news of CoinDesk hiring bankers for Lazard.
Additionally, CoinDesk CEO Kevin Worth told the following in an emailed statement:
Over the past few months, we have received many pointers coming to CoinDesk.Read:A Netflix documentary focusing exclusively on alternative cryptocurrencies
Lizard will help CoinDesk explore various options for attracting growth capital to the CoinDesk business, which may include a partial or complete sale.
FTX infection hits CoinDesk:
CoinDesk, a media platform specializing in crypto news, was launched in 2013.
Ironically, CoinDesk was among the first to report Alameda Research’s balance sheet problems.
This report escalated to reveal a deeper hole in FTX and eventually led to the bankruptcy of both companies.
However, the contagion of the FTX collapse has infected CoinDesk and its parent company, Digital Currency Group (DCG).
Genesis lender DCG subsidiary Genesis filed for bankruptcy last month, sending cryptocurrency exchange Gemini into even bigger trouble.
Fear is likely to spread further in the market and affect many crypto companies this year.
However, any major issue with Digital Currency Group (DCG) could put the crypto market in even greater trouble given that it controls the world’s largest digital asset manager Grayscale.Read:Binance platform gets new investment to develop its business
While DCG has been claiming that there is no problem with Grayscale, investors should stay close and watch developments.
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