Decrypt has signed a letter of intent to merge with Rug Radio to double down on web3 content.
Crypto media website Decrypt is set to merge with Rug Radio, a decentralized content creator platform, to create a joint venture on Arbitrum aimed at boosting web3 content,
According to a report published on Dec. 10, 2023, the agreement will allow Rug Radio’s select community members the opportunity to “craft editorial content on a wide range of topics in collaboration with Decrypt’s editors.”
Decrypt’s editorial team will also get access to Rug Radio’s creator platform, and plans in partnership with Arbitrum to build an “ad-tech network.” According to Axios, the alliance will be chaired by Josh Quittner, the current head of Decrypt. The both companies have signed a letter of intent, while the merger is expected to be completed by the end of January 2024.
Rug Radio’s utility token RUG experienced a short jump in daily trading volume, from $0 to $962, following the news, according to CoinMarketCap. As of press time, RUG is trading at $0.031.
After the merger, the joint venture is planning to issue a token to “nurture a sustainable, participatory, and equitable media environment.” Nina Rong, Head of Ecosystem Development at Arbitrum Foundation, said the layer-2 network will “support the various programs offered by the media group.”