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Finance

Decrypt Spins Out From ConsenSys Mesh, Raises $10M at $50M Valuation

With the investment, the crypto news site plans to build out its Web 3 studio Decrypt Studios, which brands non-fungible tokens and metaverse activations.

By Jamie Crawley
AccessTimeIconMay 3, 2022 at 3:24 p.m. UTC
Updated May 9, 2023 at 3:44 a.m. UTC
Decrypt has raised $10 million in funding from 22 investors. (Shutterstock)
Decrypt has raised $10 million in funding from 22 investors. (Shutterstock)

Crypto news site Decrypt has spun out from its parent company ConsenSys Mesh and raised $10 million in funding at a $50 million valuation, Decrypt announced Tuesday.

  • The funds were raised from 22 investors, including venture capital firms Hack.VC, Hashkey Capital and Canvas Ventures, as well as decentralized autonomous organizations (DAOs) Global Coin Research DAO and Own.fund.
  • With the investment, Decrypt plans to build out its Web 3 studio Decrypt Studios, which brands non-fungible tokens (NFTs) and metaverse activations in fashion, entertainment and real estate. Decrypt will also invest in its decentralized newswire PubDAO.
  • Decrypt was founded in 2018 within blockchain incubator program ConsenSys Mesh. Decrypt CEO and co-founder Josh Quittner praised ConsenSys Mesh and its founder Joe Lubin for the long-term support.
  • "I’m thrilled about today’s announcement," Quittner told CoinDesk. "I’m especially grateful to Joe Lubin; we launched into the crypto winter and his support never wavered. The man has nerves of steel."
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter