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CoinDesk hires a Banker to Explore Potential Sales With Investment Bank Lazard

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CoinDesk hires a Banker to Explore Potential Sales With Investment Bank Lazard

(CTN News) – The chief executive of the media firm said on Wednesday that cryptocurrency outlet CoinDesk Inc is considering selling all or a portion of its company and has appointed investment bank Lazard Ltd (LAZ.N) to oversee the process.

With key token values near two-year lows and a wave of bankruptcies from significant businesses, the crypto sector is going through one of its darkest periods.

CEO Kevin Worth told Reuters that he hired Lazard to “examine alternative possibilities to attract growth capital to the CoinDesk company, which may include a partial or complete sale.”

The development occurred amid an upheaval in the sector that started with the fall of the stable currencies TerraUSD and Luna early last year.

Top cryptocurrency exchange FTX recently declared bankruptcy, while publicly listed Coinbase Global Inc (COIN.O) recently let go a quarter of its workers after cutting over 1,000 positions in the previous year.

Since its 2013 inception as a tracking tool for Bitcoin, New York-based CoinDesk has grown to become a significant source of news and price benchmarks for the complete spectrum of cryptocurrencies.

According to its website, the business is fully owned by the venture capital firm Digital Currency Group, which also has a stake in Coinbase.

Related CTN News:

XRP Is No Longer Supported By Coinbase As Of December 5th, 2022

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