Web3 technology firm, Redeem, has raised $2.5 million in a pre-seed funding round led by Kenetic Capital to support its mission of taking NFTs to the masses. In essence, the platform will make it possible for users to send and redeem non-fungible tokens using their phone numbers. Going forward, the funds will be used to support its upcoming product launch and build out the core technology.
Crypto startup funding might have slowed down since the onset of the bear market. However, infrastructure projects have enjoyed the most of whatever money investors are willing to commit to new platforms. Today, most of the funding is going to projects that make it easier for those who are not well versed in crypto to enter the space.
Redeem falls in this category as the protocol allows its users to link any crypto wallet on any network to a phone number to redeem “utility NFTs” 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 Apple’s iMessage, WhatsApp, and text messages. All this happens without the need for a crypto interface or the use of gas fees.
Today, we’re proudly launching @Redeem_xyz, the connectivity layer of web3 — allowing anyone to use their phone number to send, receive and redeem digital assets! No long wallet addresses, no technical jargon – just simple, easy Web3!
Learn more at: https://t.co/PIC4k5Tp0i
— Toby Rush – TobiasRush.eth (@TobiasRush) March 1, 2023
Funding Should Help Reedem Take Its Web3 Technology To The Masses
Commenting on the investment, Jehan Chu, founder of Kenetic, a digital asset-focused fund, notes, “Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the universe of Web3 in seconds with no prior crypto blockchain knowledge. This is a game-changer for traditional enterprise companies that want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.”
Other investors involved 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 are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind 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 globe.