⠀
Crypto outlet CoinDesk Inc is exploring a full or partial sale of its business and has hired investment bank Lazard Ltd (LAZ.N) 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 (COIN.O) 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.
