Crypto news company Decrypt announced that it has gained new momentum by raising $10 million at a post-money valuation of $50 million after departing from its parent company ConsenSys Mesh.
The crypto news media was founded in 2018. More than 15 investors participated in this round of financing, including Hack.VC, Hash key Capital, Canvas Ventures, Protocol Labs, SK Group, and 22 investors including Global Coin Research DAO, Own.fund, Honey DAO, and Orange DAO.
The funds raised this time will be used to expand the current workforce in the editorial team of Decrypt Media. In addition, Decrypt Studios will be established, aiming to create branded NFTs for users and activate Metaverse focusing on the fields of fashion, entertainment, and real estate.
Roazzi-Laforet, senior media and technology executive from Decrypt said:
“At Decrypt Studios, we’re building out a production arm that will enable brands and advertisers to harness the full power of Web3, while giving consumers a more immersive and authentic experience with the brands they love.”
Roazzi-Laforet added that the company would share these narratives through an entirely new lens, utilizing the next generation of storytelling devices – like NFTs and virtual worlds in the metaverse – to create content that will take viewers beyond the confines of traditional media.
Meanwhile, the company will also launch PubDAO, a decentralized newswire Decrypt co-launched in October with other partners and advisors that are being used as a way to source stories, press releases, and other crypto work in a truly Web3-native way, according to the statement.
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