Digital Currency Group’s CoinDesk, a crypto media company, is cutting back on staff, according to a report by TechCrunch.
“…several roles, predominantly in our media team, were impacted by a reduction in force,” Kevin Worth, CEO of CoinDesk, said.
The Wall Street Journal reported last month that a deal to sell the media company to a group of investors for $125 million was almost complete.
According TechCrunch, Peter Vessenes of Capital6 and Matthew Roszak of Tally Capital are leading the investment, the WSJ reported. In the upcoming weeks, the deal is anticipated to be completed.
“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.,” Worth added in the email.
For its reporting, CoinDesk is well-known in the cryptocurrency community. In late 2022, when it broke the news about the unstable balance sheet of the cryptocurrency exchange FTX, it gained widespread attention.
The news organisation was established in 2013 and eventually sold to DCG in 2016 for $500,000.
