Decrypt Media Inc. and Rug Radio have announced their intent to merge, creating the world’s biggest decentralized publishing company. Codenamed [REDACTED], the alliance is aimed at revolutionizing tech-media, bringing together the forces of content creation and consumption.
Under the terms of the merger, qualified members of Rug’s farflung community will get to craft editorial content on a wide range of topics in collaboration with Decrypt’s editors. In return, Decrypt’s editorial staff will gain access to Rug’s creator platform, a proprietary suite of videocasting tools. In partnership with Arbitrum, [REDACTED] intends to build a cutting edge ad-tech network that will power [REDACTED] and other affiliated publishers.
The merger is slated for completion by the end of January.
“We stand on the brink of a new media era,” said Loxley Fernandes, who will be CEO of [REDACTED]. “By fusing Decrypt’s journalistic credibility with Rug Radio’s trailblazing platform, we’re poised to pioneer the future of decentralized media.”
Rug Radio, a global leader in decentralized content creation, boasts a dynamic community with scores of creators and thousands of active members within its DAO. Decrypt Media, known for its independent publishing aimed at demystifying the Web3 world, reaches millions of people each month who come to its site for news and education. Together, the entities are expected to reach more than 10 million people each month.
“This is an example of one plus one equalling three,” said Josh Quittner, who co-founded Decrypt in 2018. “By joining forces with the Rug team and its community, we hope to supercharge our ambition to one day be able to ‘decrypt everything.’”
After the merger, [REDACTED] plans to introduce a token that would establish a media ecosystem benefiting consumers, creators, and advertisers alike. The initiative is meant to nurture a sustainable, participatory, and equitable media environment.
“The new token will empower our network, fueling growth and innovation,” said Farokh Sarmad, the founder of Rug Radio and soon-to-be president of [REDACTED]. “[REDACTED]’s mission is to foster an equitable relationship between content producers and consumers, where every interaction contributes to the network’s value.”
Added Sarmad: “This merger represents a significant leap forward in the quest for a democratized media sphere—one where the distinction between content creators and audiences fades into oblivion.”
During the announcement at Art Basel in Miami Beach last night, the [REDACTED] team also revealed its plan to collaborate exclusively with Layer 2 blockchain Arbitrum as the backbone for a newly minted media ecosystem. The Arbitrum partnership harnesses the blockchain’s capability to handle high-frequency micro-transactions at minimal cost, ensuring a smooth and efficient user experience.
“[REDACTED] is set to pioneer a new age in economical web3 advertising and user rewards, and Arbitrum is suited to handle the many needs of new, fast-growing communities,” said Arbitrum Foundation’s Nina Rong. “The chain will support the various programs offered by the media group and establish a new precedent for economical community building on blockchain.”
Decrypt was initially incubated by Consensys Mesh, and spun out after raising $10 million in April, 2022. Consensys is also a holder of Rug’s tokens, and an active participant in its DAO.
Joseph Lubin, Chairman of Consensys Mesh, attended last night’s announcement, which he celebrated as a sort of wedding, heralding in what he said was a new phase of crypto that would welcome in Main Street users.
“Decentralized media will play a pivotal role in the age of community,” he said. “This merger marks a monumental stride toward a democratized media landscape, where value is distributed more equitably between audiences and creators.”
Following the announcement at “Rug House”—a sprawling Spanish colonial house in Miami—Lubin, Fernandes and Sarmad jumped off the podium into a swimming pool, fully clothed, to celebrate the nuptials. Quittner, who was recovering from a broken leg, did not. “I would have if I could,” he said.
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