Redeem, a Web3 technology company, has secured $2.5 million in a pre-seed funding round led by Kenetic Capital, with participation from other investors, to support the upcoming launch of its non-fungible token (NFT) delivery platform. The company aims to make NFTs accessible to everyone by enabling users to send and redeem NFTs using their phone numbers. The funding will also be used to develop and enhance the technology behind the platform.
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
Revolutionizing the NFT Industry with Phone Number-Based System
Redeem‘s platform allows users to link any crypto wallet on any network to their phone numbers, making it easy to redeem “utility NFTs” such as tickets, loyalty points, or in-game items by scanning a QR code. Users can also send and receive NFTs using Apple’s iMessage, WhatsApp, and text messages, without the need for a crypto interface or gas fees. This feature will make NFTs more accessible to people who are not well-versed in crypto.
Funding to Support Redeem’s Goal of Bringing Web3 Technology to the Masses
The recent investment in Redeem is expected to help the company take its Web3 technology to the masses. According to Jehan Chu, founder of Kenetic, “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.”
Conclusion
Redeem’s mission to make NFTs accessible to everyone has received a boost with the recent $2.5 million funding round. With the new investment, the company will be able to launch its phone number-based NFT delivery platform and further develop its core technology. The platform’s features, such as the ability to link any crypto wallet on any network to a phone number, will make it easier for people to participate in the NFT space. As more investors look for infrastructure projects that can drive user engagement via Web3, Redeem is well-positioned to provide the necessary technology to support this growth.
