Crypto publication Decrypt raises $10 million at $50 million valuation
The Decrypt funding comes from 22 VCs, DAOs, and web3 angel investors. The funds will be used in building the editorial team, Decrypt's Studios, and PubDAO
By Shashank Bhardwaj
Image: DeCrypt Studios
Decrypt, the popular news site announced on Tuesday that it has raised $10 million in a funding round and has spun out from its parent company, ConsenSys Mesh, the blockchain incubator. ConsenSys Inc still remains a minority investor. The funding round was raised on Decrypt’s post-money valuation of $50 million.
The funds were raised from over 22 VC investors. The list included known VC names like Hashkey Capital, Hack.VC, Protocol Labs, SK Group, and Canvas Ventures. The investors also had DAOs like Global Coin Research DAO, Honey DAO, Orange DAO, and Own.Fund. Decrypt plans to build its web3 studio Decrypt Studios which will specialise in branding NFTs and other metaverse activations in fashion, real estate and entertainment. The funds will also be invested in Decrypt’s DAO PubDAO, its decentralised DAO.
Decrypt will now be an independent entity. CEO and co-founder Josh Quittner thanked Joe Lubin for his unwavering support to the news organisation since the firm’s inception in 2018 under the ConsenSys Mesh incubator program.
“The first three years of Decrypt were foundational, and ConsenSys Mesh gave us all the support we needed to grow without the pressures that often come from being investor-backed,” said Quittner, adding, “Today, we’re pleased to announce we’re ready to take the next step into our independence. Our deepest thanks and gratitude to Joe Lubin, Michael Kriak, and the team at Mesh who helped to ensure the success of this venture into a publication on the vanguard of the crypto press.”
Decrypto was launched inside the ConsenSys Mesh incubator program in 2018 to make web3 and crypto understandable to the masses. Despite 2018 being tagged as a ‘Crypto Winter’, Decrypt believed in the potential of cryptocurrency as an industry and was of the opinion that there was a need for a media brand that would cover all the events happening in the crypto world truthfully.
Decrypto has grown into a full-blown media house today with its own studio and 25 full-time employees. It has a monthly readership of five million. Decrypt’s official website states, “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.”
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..