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CoinDesk has Staff Cut in Half as Sell Off Looms

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Omar Elorfaly
Last Updated

Key Takeaways

  • CoinDesk is laying off a huge chunk of its workforce, mostly in the media department.
  • The publication is in the process of being sold for over $100 million.

In July, investors announced that they were in the process of acquiring CoinDesk, a popular crypto-focused publication, for $125 million. 

Now, an internal email within CoinDesk shows that a significant number of staff members are in danger of being laid off ahead of the publication’s sale.

“A Financially Sound Business”

The email sent by Kevin Worth, CEO of CoinDesk, reports that “Several roles, predominantly in our media team, were impacted by a reduction in force.”

Worth detailed the reasons behind the mass layoff in his email, stating that “This was a required step to ensure a financially sound business moving forward and to set us on the path to close the deal to sell CoinDesk, Inc.”.

Tech Crunch reports that 16% of CoinDesk’s workforce is directly affected by the company’s decision. CoinDesk did not immediately respond to a request for comment.

A Major Loss In The Crypto Space

CoinDesk gained its fame in 2022 when it broke the story on FTX’s inconsistent financial records, which caused a butterfly effect that led to the popular crypto exchange’s collapse.

In an industry heavily influenced by news headlines and opinions from key influential figures such as Elon Musk, it is deemed as a loss to see the departure of a reputable publication that helps stakeholders receive detailed news on crypto.

New Management

CoinDesk has been owned and managed by DCG since 2016. DCG also happens to be the parent company of Grayscale Investments, Foundry, Genesis, and Luno.

Now, a group of investors, led by Matthew Roszak of Tally Capital and Peter Vessenes of Capital6, is aiming to acquire the publication created back in 2013.

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Omar is a journalist with a passion for unraveling the intricacies of emerging technologies. With a keen interest in AI, blockchains, cryptocurrencies and machine learning, he is fully immersed in the tech industry. Having covered news in North America, South America, Europe and Asia, Omar stands out for his ability to describe the future of humanity using current technologies through the art of storytelling. Whether he's delving into the potential of AI to revolutionize industries or exploring the transformative power of blockchain in reshaping economies, Omar aims to captivate readers, seamlessly blending technology, economics and politics. Omar's global perspective fuels his ability to connect the dots and paint a vivid picture of the ever-evolving tech landscape.
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