In a pre-seed round led by digital asset-focused investment company Kenetic Capital, Redeem has raised $2.5 million. The startup offers Web3 technology that enables users to send and redeem NFTs using their phone numbers.
Redeem Raises $2.5 Million to Enable Users to Receive Nfts Through Phone Numbers
The startup, based in Kansas, enables users to link any cryptocurrency wallet on any network to a phone number in order to utilize a QR code to redeem so-called utility NFTs like tickets, loyalty points, or in-game stuff. Text messaging, WhatsApp, and Apple’s iMessage all support sending and receiving NFTs without the need for a crypto interface or additional gas costs.
“Adoption is the Holy Grail of Web3. the startup’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 who want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.”Jehan Chu, Kenetic Founder
About Redeem and Pre-Seed Round
Toby Rush launched the startup after founding EyeVerify, a biometric technology business that was bought for $100 million in 2016 by an affiliate of the Chinese internet giant Alibaba.
On the other hand, the startup will use the funds to expand its core technology and launch a new product in the second quarter. Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund, and KESTREL 0x1 were additional investors in the round.