Tag: Parent

CoinDesk Contemplates Full or Partial Sale as Parent Company Scampers for Funds

DCG is currently looking for ways to save its business and grow its capital. Crypto-based firm CoinDesk has begun weighing its options regarding a potential sale as it looks to attract growth capital. According to the WSJ, the firm has recently received offers above $200 million. And if the deal goes through, that would amount to an almost 40,000% return on its initial investment. Recall that Digital Currency Group – CoinDesk’s parent company, acquired the firm for an amount between $500,000 to $600,000 in 2016. Despite the offer, however, CoinDesk…

CoinDesk could be up for grabs as parent company DCG scrambles for funds

Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet. According to the Wall Street Journal, CoinDesk has sought the help of investment bankers from financial advisory firm Lazard, who are helping the firm weigh options including a full or partial sale. You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu — Charles Hoskinson (@IOHK_Charles) January 19, 2023 DCG has purportedly received multiple offers exceeding $200 million to buy out the media firm over…

Huobi Korea to Break Off from Parent Company amid Insolvency Rumors

The Korean-based entity will take up a new name, and henceforth, operate independently from Huobi Global. Crypto exchange Huobi Korea is reportedly gearing up to part ways with its parent company Huobi Global. According to News1, Huobi Korea will also seek to change its name as part of the separation process. Huobi Korea to Distance Self From Huobi Global’s Alleged Troubles For what it’s worth, Huobi Korea appears to be making such quick plans in the wake of uncertainties about Huobi Global that arose in the end of 2022. In…

Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence – Bitcoin News

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According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name. Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of…

Huobi Korea seeks to split from parent company, change its name: Report

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Local media reported Jan. 9 that cryptocurrency exchange Huobi Korea is preparing to purchase its shares from Huobi Global and change its name. About 72% of shares in Huobi Korea are owned by Huobi Global cofounder Leon Li. Huobi Korean chairman Cho Kook-bong would take over Li’s share in the Korean company. Cho is also the owner of a major crypto mining operation in the country, according to local outlet News1. Huobi has experienced a number of issues in recent days. It reportedly planned laid off 20% of its workforce Jan.…

TikTok Parent ByteDance Cuts Several Hundred Jobs in China

TikTok-parent ByteDance said that these job cuts come as part of the company’s plans to streamline operations. As per the latest reports, ByteDance, the parent firm of the social media platform TikTok has cut hundreds of jobs across multiple departments by the end of 2022. TikTok has reportedly joined the list of companies that have been on a lay-off spree recently. Two sources familiar with the matter told SCMP that the layoffs come as TikTok plans to streamline its operations. ByteDance Cutting Jobs This move has also affected employees at…