Crypto news startups to merge as Forkast Labs
Two crypto media startups backed by Animoca Brands Corp. are planning to merge to become Forkast Labs, a Delaware-based web3 data intelligence and media platform, the companies announced Tuesday.
Why it matters: The merger comes in the wake of FTX's collapse, which has had a ripple effect across the larger crypto industry, including the media companies covering it.
Details: The combining companies are CryptoSlam, a blockchain data analytics firm that tracks NFT valuations, and Forkast.News, a web3 media company.
- Forkast.News founder Angie Lau and CryptoSlam founder Randy Wasinger will be co-CEOs of the combined company. Sarah Chang, co-founder of Forkast.News, will be COO.
- Other terms were not disclosed.
- CryptoSlam closed a $9 million funding round last year, led by Animoca Brands. Forkast.News last raised a $1.7 million seed round in 2021.
What they're saying: "This industry is very unstable and rocky," Animoca Brands founder Yat Siu told Bloomberg. "People have to be able to weather these storms together."
💭 Thought bubble, via Axios Crypto's Brady Dale: Like tech news in the 2000s, crypto news in the next bull run will just be news. Bloomberg and CNBC are unlikely to stop covering it and some of the big crypto news sites now are likely to consolidate by then, so it might not be a great time to start new crypto-specific media ventures.
💭 Thought bubble, via Axios Pro Fintech Deals' Lucinda Shen: There's already pain in the media landscape. The crypto element only magnifies the ad shortfall.