By
Chimamanda U. Martha
February 7th, 2024
Decrypt also shared its vision of creating a decentralized media platform PubDAO by collaborating with other industry partners.
On Tuesday, May 3, crypto media company Decrypt announced that it has raised $10 million in funding from 22 investors. The recent funding comes at a post-money valuation of $50 million.
Besides, the announcement also notes that Decrypt has spun out from ConsenSys Mesh after four years of launch in 2018. Back then, it was named “Crypto Winter” as the market was going through a brutal phase of correction after the 2017 market rally.
During the recent funding round for Decrypt, some new investors across sectors participated. This included angel investors, VC firms, DAOs, and Web 3 funds. Decrypt Media will use this funding in expanding its team. It will also invest in its production arm Decrypt Studio.
Along with other publishing partners, the crypto media firm is also building PubDAO, a decentralized media project. The official announcement notes:
“It’s a pivotal time to be in the Web3 space, which is moving at breakneck pace. On our editorial side, our vision remains the same as it’s always been: to demystify crypto and blockchain for readers of all understanding levels with our daily news coverage and our Learn section”.
Future Plans for Decrypt after the Recent Funding
Over the next two years, Decrypt is planning to take steps by expanding its networking efforts. It will be conducting more live events and dinners under the Camp Decrypto umbrella. The media company had a very successful gathering in March this year.
Decrypt is also making some success on the commercial side. Decrypt Studios has recently seen success with branded NFTs, and other metaverse activations in entertainment, real estate, and fashion, for its clients.
During the first three years of its formation, ConsenSys Mesh and CEO Joe Lubin extended major financial support to Decrypt. The announcement notes:
“Now, as a truly independent news organization, we’ll be able to take an authentically Web3-native approach. ConsenSys Inc remains a minority investor, along with Hack.VC, Hashkey Capital, Canvas Ventures, Protocol Labs, SK Group, Nexo Inc, four DAOs, and a number of strategic individuals that support our vision”.
The company said that Decrypt, Decrypt Studios, and PubDAO, together will lay the foundation of a new approach to media that uses Web 3 applications. The company is also curious to hire the required talent pool for the same.