Crypto news site CoinDesk hires banker to explore potential sale

Crypto outlet CoinDesk Inc is exploring a full or partial sale of its business and has hired investment bank Lazard Ltd to lead the process, the media company’s chief executive said on Wednesday.

The crypto industry is going through one of its worst phases, with prices of major tokens at two-year lows and a string of bankruptcy filings from top players.

“My goal in hiring Lazard is to explore various options to attract growth capital to the CoinDesk business, which may include a partial or full sale,” CEO Kevin Worth told Reuters in a statement.

The development comes amid an industry turmoil, which began with the crash of stable coins TerraUSD and Luna early last year.

More recently, top crypto exchange FTX filed for bankruptcy, while publicly traded Coinbase Global Inc laid off a fifth of its workforce after slashing over 1,000 jobs last year.

New York-based CoinDesk launched in 2013 to track Bitcoin, but the platform has emerged as a key source of news and pricing benchmarks for the entire range of crypto currencies.

The company is wholly owned by crypto-focused venture capital firm Digital Currency Group, which also has interest in Coinbase, according to its website.