On December 10th, Decrypt, a cryptocurrency media outlet, signed a letter of intent to merge with Web3 media outlet Rug Radio. The two companies will merge to form a new holding company that has not yet been named, while retaining their respective brands and independence. The holding company will be chaired by Josh Quitner, current CEO of Decrypt. Loxley Fernandes, current co-CEO of Rug Radio, and founder Farokh Sarmad will respectively serve as CEO and president of the new holding company. Decrypt hopes to expand into new areas such as longevity and emerging technologies/artificial intelligence beyond the blockchain field. The new holding company plans to work exclusively with Arbitrum. While the two companies will operate independently, they plan to collaborate on advertising transactions to promote business development for both companies. Rug Radio currently has 12 full-time employees, while Decrypt has 22. After the transaction is completed, all employees will remain with the two companies. Executives state that their goal is to complete the transaction by early 2024 and anticipate that regulatory approval will not be necessary.