Cardano (ADA) founder Charles Hoskinson confirmed interest in acquiring the crypto-focused media outlet CoinDesk on Jan. 19.
Hoskinson said CoinDesk appeared to be overpriced for its $200 million asking price, adding that he would decide after reviewing the firm’s books.
Revamping CoinDesk
Hoskinson said his media interest is broad as he is focused on “how to get to journalistic integrity again.” He added that Cardano had received bad press in the past as certain media outlets had to push specific agendas — citing examples including how FTX funded The Block.
Hoskinson argued that this could change if readers are financially incentivized to “fact-check” the media houses.
“When someone publishes something … they actually put money on the table, and if it turns out the thing that they’ve written isn’t true or inaccurate, they actually can lose the money.”
Hoskinson also pointed out that readers could have a new way of interacting with news stories through non-fungible tokens (NFTs). He said it would be “really cool” if each story could be viewed as a living object.
Hoskinson said the incentives would prevent Cardano from influencing the media reports, as readers would actively question and interact with the reporting. He believes this would protect the independent reporting of the media.
Why Hoskinson believes CoinDesk is overpriced
The Cardano founder gave several reasons why he thought CoinDesk was overpriced at $200 million. It would make sense to invest between $5 to $10 million to build a “much more decentralized organization” that would outcompete its rivals in the nearest years, according to Hoskinson.
Hoskinson said that CoinDesk lacks a metaverse component and “a really good video side.” He acknowledged that the firm was trying to build its video product but added that it was not popular.
CoinDesk could enter into several partnerships, citing how a partnership with crypto analytics firm Messari would benefit both firms, according to Hoskinson.
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