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CoinDesk to cut staffing ahead of potential sale

CoinDesk, a crypto media business owned by Digital Currency Group, is reducing its workforce according to an internal email

CoinDesk to cut staffing ahead of potential sale

CoinDesk, media business owned by Digital Group, is reducing its workforce according to an internal email viewed by .

“…several roles, predominantly in our media , were impacted by a reduction in force,” Kevin Worth, CEO of CoinDesk wrote in the note.

Last month, the Wall Street Journal reported that the media organization was nearing a deal to be sold to a group of investors for $125 million. The investment is led by Matthew Roszak of Capital and Peter Vessenes of Capital6, according to people close to the matter, WSJ said. The deal is expected to be finished in the coming weeks.

was a required step to ensure a financially sound business moving forward and to set us on the path to close the deal to sell CoinDesk, Inc.,” Worth added in the email.

TechCrunch reached out to CoinDesk for , but did not hear back by the time of publication.

CoinDesk is well known across the crypto space for its coverage, receiving mainstream attention in late 2022 for breaking the on crypto exchange FTX's shaky balance sheet (which caused a effect and, shortly after, the crypto exchange's downfall).

The news group was founded in 2013 and was later sold to DCG for $500,000 in 2016. Aside from CoinDesk, DCG is the parent company of Investments, Foundry, Genesis and Luno.

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Jacquelyn Melinek

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