Crypto News Site Decrypt and Decentralized Media Project Rug Radio Announce Merger
Crypto news site Decrypt and decentralized media project Rug Radio have announced their plans to merge operations next year, with the aim of creating a global Web3 publishing company. In a joint press release on Monday, the companies revealed that the merger will result in the creation of [REDACTED], a “next-gen network” that aims to reach over 10 million people per month.
Retaining Brand Independence and Staff
Despite the merger, both companies will retain their brand independence and existing staff, according to the press release. This move is seen as a synergistic collaboration as Decrypt’s text-centric content aligns well with Rug Radio’s audio and video podcast material. As part of the new company, Josh Quittner, CEO of Decrypt, will serve as chairman, while Farokh Sarmad, founder and co-CEO of Rug Radio, will become president. Loxley Fernandes, Rug Radio’s other CEO, will be the CEO of [REDACTED].
Creating a Trailblazer for Decentralized Media
Rug Radio’s Fernandes expressed excitement about the merger, stating that by combining Decrypt’s journalistic credibility with Rug Radio’s innovative platform, they are set to become a trailblazer for the future of decentralized media. The merger is expected to be completed by the end of January.
[REDACTED] Partners with Arbitrum for Media Ecosystem
[REDACTED] has also announced its collaboration with Arbitrum as the Layer 2 blockchain for its media ecosystem. The companies highlighted that Arbitrum is strategically equipped to handle the engagement needs of a media hub focused on creator recognition, listener rewards, and advertisers. The chain will support the various programs offered by the media group and establish a new precedent for community building on the blockchain.A “Merger of Equals”
Both Decrypt and Rug Radio claimed approximately $3 million in annual revenue from ad sales. Fernandes described the merger as a “merger of equals.” Quittner emphasized that the companies are highly complementary and believe that their combined efforts will yield even greater results.
Latest in a Series of Crypto Media Transactions
This merger between Decrypt and Rug Radio is part of a recent trend of consolidation in the crypto media industry. Bullish, a crypto exchange led by former NSE President Tom Farley, recently acquired CoinDesk, while Foresight Ventures secured a majority stake in The Block. These moves highlight the growing interest and investment in crypto-related media platforms.
Hot Take: Building a Stronger Future for Decentralized Media
The merger between Decrypt and Rug Radio represents an exciting development in the world of decentralized media. By combining their strengths, these companies aim to create a global Web3 publishing company that can reach millions of people each month. With their focus on journalistic credibility, innovative platforms, and community engagement, [REDACTED] is poised to become a trailblazer in this space. By partnering with Arbitrum, they are also ensuring that their media ecosystem has the necessary blockchain infrastructure to support creator recognition, listener rewards, and advertisers. This merger is part of a larger trend of consolidation within the crypto media industry, highlighting its growing importance and potential for future growth.
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