The startup Redeem, which is developing technology to purchase and send NFTs using a phone number, has raised $2.5 million in a seed round of funding. Tech Funding News reports.
The round was led by venture firm Kenetic Capital. Participants included Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and the KESTREL0x1 fund, formed by former Palantir employees.
The startup will allocate the funds to launch the product in the second quarter of 2023 and to further improve it.
The Redeem platform allows linking a crypto wallet in any network to a phone number. This enables purchases via scanning a QR code for utility NFTs, which include tickets, loyalty points, in-game items and more. Users can then send and receive assets using Apple iMessage, WhatsApp or SMS.
According to the startup’s founder Toby Rasha, the absence of the need to use a crypto wallet interface and to pay on-chain fees would significantly simplify users’ interaction with Web3 infrastructure. The solution could accelerate broad cryptocurrency adoption, he says.
“Redeem enables users to access the Web3 universe in a matter of seconds without any prior knowledge of blockchain. It changes the game for traditional companies looking to reduce costs and attract new customers through new technologies without complex or risky crypto processes,” said Kenetic founder Jehan Chu.
In 2012 Rash launched EyeVerify, a biometric technology venture. In 2016 the startup was acquired by Ant Group. The entrepreneur then took the CEO role in the Chinese tech giant’s new subsidiary.
Earlier in the start of 2023, the issuance of NFTs on the Bitcoin blockchain via the Ordinals protocol began its rise.
The company behind the Bored Ape Yacht Club, Yuga Labs, announced the release of its first series of collectible tokens outside Ethereum, specifically on Ordinals.