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The founder of the Cardano network, Charles Hoskinson, recently confirmed interest in acquiring CoinDesk, the crypto-focused media outlet. Hoskinson, however, needed to be convinced that CoinDesk was worth the $200 million asking price.

Interest In Coindesk

Despite not agreeing with the $200 million valuation of the media platform, Hoskinson noted that he would make a further decision after reviewing the company’s books. The Cardano founder stated that his interest in the media firm is broad because his focus will be on “gaining back journalistic integrity.”

According to him, Cardano was at the receiving end of wrong press opinions in the past as some media outlets unleashed their agenda against the firm. In addition, the founder cited the recent news about FTX funding The Block, a rival crypto news outlet in the wake of the FTX bankruptcy.

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Hoskinson believes that if readers are incentivized to fact-check media platforms, the flood of fake news in the digital asset industry would be a thing of the past. Furthermore, the founder stressed that readers would have another way of interacting with news sites through NFTs.

According to him, it would be an innovative way to make each piece of news appear as a living object. Hoskinson explained that the incentives would help prevent Cardano’s influence on media reports because readers could question and interact with the live reports.

This implies that readers would no longer be passive but active in the news reporting process. The Cardano founder is confident that by incentivizing readers to be active in the news reportage, the crypto space would see an independent reporting of every event by the media.

Is CoinDesk Overpriced?

According to the Cardano founder, the crypto-based news outlet is highly overpriced at $200 million. He noted that it would make more sense if the media outlet’s valuation is between $5 to $10 million.

Hoskinson noted that he plans to develop it into a highly decentralized media platform that will compete with others in the nearest future. The Cardano CEO sees CoinDesk needing a metaverse part with an excellent video-making component for its news coverage.

However, the founder acknowledged that CoinDesk is putting in the effort to develop its video product, but he insists that the aspect has yet to be popular. Hoskinson believes it would do much good for CoinDesk to enter into a partnership with the crypto analytic platform, Messari.

He stressed that the collaboration would produce a mutual benefit for both firms. In another development, Cardano has appeared among the large-cap movers in the crypto ecosystem, which has seen a significant spike in the first few weeks of 2023.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.