CoinDesk is reportedly successful talks with Lazard regarding a partial oregon full sale. The crypto quality work is owned by a troubled Digital Currency Group (DCG).
As Sam Bankman-Fried’s FTX contagion continues to instrumentality its toll connected CoinDesk’s genitor institution Digital Currency Group (DCG), the starring blockchain quality outlet has engaged the services of Lazard, a fiscal advisory and plus absorption steadfast to assistance it put a afloat oregon partial acquisition woody with qualified buyers.
According to The Wall Street Journal, Kevin Worth, the CEO of CoinDesk, has made it wide that the crypto quality publication, which was acquired by Barry Silbert’s Digital Currency Group (DCG) for astir $500k successful 2016, has received galore indications of involvement from buyers successful caller months.
Worth says Lazard, a Bermuda-based steadfast with a wealthiness of acquisition successful mergers, acquisitions, restructuring, and more, volition present assistance CoinDesk “explore assorted options to pull maturation superior to its business,” including a partial oregon implicit sale.
DCG is bankrupt
The abrupt FTX illness past November triggered a terrible liquidity crunch for firms exposed to the erstwhile second-largest crypto speech successful the world.
DCG and its subsidiary Genesis are the companies worst deed by the industry-wide crisis. As antecedently reported, Genesis suspended dividend payments to its shareholders and is present making factual plans to merchantability disconnected its assets to work its debt.
In a related development, crypto.news precocious reported that Genesis and its creditors are present finalizing a repackaged bankruptcy plan.