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

Jamie Crawley
Updated ·1-min read

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

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."

Read more: $450M Raise Values Ethereum Builder ConsenSys at $7B as MetaMask Tops 30M Users