web3 Technology Company, redeem, has raised $2.5 million in a pre-seed funding round led by Kenetic Capital to support its mission to bring NFTs to the masses. In essence, the platform will allow users to send and redeem non-fungible tokens using their phone numbers. Going forward, the funds will be used to support the next release of its product and develop core technology.
Funding for crypto companies might have slowed down since the start of the bear market. However, infrastructure projects have made the most of the money that investors are willing to commit to new platforms. Today, most of the funding goes to projects that make it easier for those who are not well-versed in crypto to get into the space.
Redeem falls into this category as the protocol allows its users to link any crypto wallet on any network to a phone number to redeem. “Utilities NFT” such as tickets, loyalty points or in-game items by scanning a QR code. Users also have the option to send and receive non-fungible tokens using iMessage, WhatsApp, and Apple text messages. All of this happens without the need for a cryptographic interface or the use of gas fees.
Today we are proud to launch @Redeem_xyz, the web3 connectivity layer, which allows anyone to use your phone number to send, receive, and redeem digital assets. No long wallet addresses, no technical jargon, just simple and easy Web3!
Learn more at: https://t.co/PIC4k5Tp0i
— Toby Rush – TobiasRush.eth (@TobiasRush) March 1, 2023
The funding should help Reedem bring its Web3 technology to the masses.
Commenting on the investment, Jehan Chu, founder of Kenetic, a fund focused on digital assets, notes: “Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the Web3 universe in seconds without any prior knowledge of cryptographic blockchain. This is a game changer for traditional enterprise companies that want to reduce costs and drive new user engagement through Web3 without complicated or risky cryptographic processes.”
Other investors participating in the round included KESTREL 0x1, Monochrome Capital, CMT Digital, The Fund, Flyover Capital, KCRise Fund, and VC3 DAO.
Redeem was launched by Toby Rush, a tech industry veteran with over twenty years of experience as a founder and investor.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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