01 March 2023 17:15, UTC
Studying time: ~2 m
Redeem, which offers Web3 know-how that enables customers to ship and redeem non-fungible tokens (NFT) utilizing their cellphone numbers, has raised $2.5 million in a pre-seed spherical led by digital asset-focused funding agency Kenetic Capital. The startup will use the funds towards its second-quarter product launch and to proceed constructing out the core know-how.
Investments cascaded into crypto firms throughout the bull market of 2021, however have slowed to a drip as a result of crypto winter. Infrastructure tasks, nevertheless, have maintained the very best stage of investor curiosity, notably tasks that make it simpler for non-crypto natives to enter the house.
Kansas-based Redeem permits customers to hyperlink any crypto pockets on any community to a cellphone quantity in an effort to redeem so-called utility NFTs reminiscent of tickets, loyalty factors or in-game objects by scanning a QR code. Customers also can ship and obtain NFTs by Apple’s iMessage, WhatsApp or textual content messages with out including a crypto interface or fuel charges.
“Adoption is the Holy Grail of Web3. Redeem’s core options permit customers to entry the universe of Web3 in seconds with no prior crypto blockchain data,” mentioned Kenetic Founder Jehan Chu in a press launch. “It is a game-changer for conventional enterprise firms who need to cut back value and drive new consumer engagement by way of Web3 with out difficult or dangerous crypto processes.”
Redeem was based by Toby Rush, who beforehand based EyeVerify, a biometric tech firm that was acquired by an affiliate of Chinese language tech conglomerate Alibaba for $100 million in 2016.
Different traders within the spherical included Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and KESTREL 0x1.
Learn extra: Crypto Winter Led to 91% Plunge in VC and Different Investments for January