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Cardano (ADA) founder Charles Hoskinson has confirmed his interest in acquiring crypto-focused media outlet CoinDesk on January 19.
Hoskinson said CoinDesk seemed overpriced for its $200 million asking price, adding that he would make a decision after reviewing the company’s books.
CoinDesk Revamp
Hoskinson Said His media interests are extensive as he focuses on “how to restore journalism’s integrity.” He added that Cardano has received bad press in the past because certain media outlets had to push certain agendas, citing examples such as how FTX funded The Block.
Hoskinson argued that this could change if readers are financially incentivized and media companies do “fact checks.”
“When someone publishes something, they actually bet money. If what they wrote turns out to be untrue or inaccurate, they can actually lose money.” .”
Hoskinson also pointed out that readers can have new ways to interact with news stories via non-fungible tokens (NFTs). He said it would be “really cool” if each story could be viewed as a living creature.
Hoskinson said this incentive will prevent Cardano from influencing media coverage, as readers will actively ask questions and interact with the press. He believes this protects the media’s independent coverage.
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Why Hoskinson Thinks CoinDesk Is Overpriced
The Cardano founder gave several reasons why he thought CoinDesk was too expensive at $200 million. Hoskinson said it makes sense for him to invest $5 million to $10 million to build a “more decentralized organization” that will soon beat its rivals. .
Hoskinson said CoinDesk lacks a metaverse component and a “very good video side.” He admitted that the company was trying to build a video product, but added that it wasn’t popular.
Hoskinson said CoinDesk could enter into several partnerships, citing how a partnership with crypto analytics firm Messari would benefit both companies.
