CoinDesk introduces strategic investors, to lay off 45% of editorial staff

According to a report by The Block, cryptocurrency media company CoinDesk is planning to lay off 45% of its editorial staff as its parent company DCG looks to bring in strategic investors.

CoinDesk Expected to Sell for $125 Million

According to previous reports, an investor consortium is in the final stages of a deal to acquire cryptocurrency media company CoinDesk. CoinDesk is expected to sell for $125 million, bringing a ray of hope to the financial troubles of DCG Group. The buyers are led by Matthew Roszak of Tally Capital, a private investment firm focused on cryptocurrency and blockchain technology, and Peter Vessenes of Capital6, a venture capital firm and family office. DCG, the parent company of CoinDesk, is expected to retain stakes in the media, events, data, and index businesses, with management expected to remain unchanged.

The CEO of CoinDesk, Kevin Worth, stated:

This is a necessary step to ensure financial stability, streamline operations, and move us forward towards completing the sale of CoinDesk.

According to The Block, CoinDesk will lay off 20 employees, accounting for 45% of its editorial team, resulting in a 16% reduction in the overall company workforce.

DCG's New CFO Accelerates Restructuring

Cryptocurrency group DCG Digital Currency Group announced at the end of July that the claims in the bankruptcy case of its lending arm, Genesis Capital, are close to resolution. They have also appointed Mark Shifke as the new CFO, who brings nearly forty years of experience in finance, financial technology, and mergers and acquisitions. With his expertise, DCG aims to drive its restructuring efforts forward.

With the progress under the new CFO's leadership, it appears that DCG is finally on track to restructure its debts without facing bankruptcy!