Crypto

Crypto news site CoinDesk hires banker to explore potential sale

Jan 18 (Reuters) – Crypto outlet CoinDesk Inc is considering a full or partial sale of its business and has hired investment bank Lazard Ltd (LAZ.N) to lead the process, the media company’s chief executive said Wednesday.

The crypto industry is going through one of its worst phases, with major token prices at two-year lows and a string of bankruptcy filings from top players.

“My goal in hiring Lazard is to explore various options to attract growth capital into the CoinDesk business, which may include a partial or full sale,” CEO Kevin Worth told Reuters in a statement.

The development comes amid an industry turmoil, which began with the crash of the TerraUSD and Luna stablecoins early last year.

Most recently, leading crypto exchange FTX filed for bankruptcy, while listed on Coinbase Global Inc. (COIN.O) laid off a fifth of its workforce after cutting more than 1,000 jobs last year.

New York-based CoinDesk was launched in 2013 to track Bitcoin, but the platform has become a key source of price information and benchmarks for the full range of cryptocurrencies.

The company is 100% owned by crypto-focused venture capital firm Digital Currency Group, which also has interests in Coinbase, according to its website.

Reporting by Yuvraj Malik in Bengaluru; Editing by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Principles.

.

#Crypto #news #site #CoinDesk #hires #banker #explore #potential #sale #Crypto

Related Articles

Back to top button