Crypto and Web3 news site Decrypt and decentralized creator-focused media project Rug Radio are set to merge their operations next year, combining forces while maintaining brand independence, according to a report from Axios.
The merger is viewed as complementary in that the text-heavy content on Decrypt’s website is paired with Rug Radio’s audio and video podcast content. Josh Quittner, CEO of Decrypt, Farokh Sarmad, founder and co-CEO of Rug Radio, and Loxley Fernandes, Rug Radio’s other CEO, will assume leadership positions at the new holding company.
The brand retains its brand, identity and employees. Each company claimed to make about $3 million a year in revenue from advertising sales and said its employees would remain with the organization after the merger, which Fernandez described as a “merger of equals.”
The announcement comes at a particularly active time for cryptocurrency media trading. Crypto exchange Bullish, run by former NSE chairman Tom Farley, recently acquired cryptocurrency news outlet CoinDesk in an all-cash deal, while Singapore venture capital firm Foresight Ventures recently acquired a majority stake in the site.
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