Cardano (ADA) Founder Defends CoinDesk Acquisition Plans Amid Criticism

Cardano founder Charles Hoskinson recently took to Twitter to lambast media outlet Protos for criticizing his plan to acquire cryptocurrency news site CoinDesk. 

As reported by U.Today, Hoskinson, the chief executive officer of Input Output, recently floated the idea of acquiring CoinDesk. 

With Digital Currency Group, CoinDek’s parent company, being caught in a major crisis, the media company is now reportedly looking for a new buyer. As reported by U.Today, some investment bankers are reportedly willing to shell out as much as $200 million.        

Hoskinson, who has long been interested in media and journalism, expressed a desire to acquire CoinDesk in order to “figure out how to get back to journalistic integrity.” He also wanted to explore the concept of “veracity bonds,” which he believes would make it easier to hold journalists accountable for publishing inaccurate information.

However, the idea of “veracity bonds” has caused concern among journalists and industry experts who view it as a potentially dangerous and detrimental approach to the practice of journalism. 

Furthermore, he suggested turning articles into non-fungible tokens (NFTs), an idea that might have little practical utility. 

The question remains, can Hoskinson afford CoinDesk? The outlet says that Hoskinson’s personal net worth is estimated to be around $500-600 million, which means that he would struggle to acquire Coindesk.  

Despite this, some industry insiders speculate that Hoskinson may seek the help of outside investors, similar to how Elon Musk sought the help of Larry Ellison, the Saudi royals, and Binance chief Changpeng Zhao (CZ) to acquire Twitter.

However, many within the journalism and crypto communities believe that CoinDesk shouldn’t be acquired by such a controversial individual since he might not be actually committed to upholding the outlet’s journalistic integrity. In the end, the future of CoinDesk and the role it will play in the crypto industry remains to be seen.