Startup Redeem raises $2.5M to convey NFTs on to cell phone numbers

    When onboarding the subsequent wave of NFTs into the mainstream, it might be so simple as sending a WhatsApp message or an SMS.

    Or so hopes Redeem, a brand new start-up that goals to make NFT transfers as straightforward as utilizing fundamental cellular expertise, doubtlessly exposing NFT expertise to billions of recent clients.

    “I think NFTs and smart contracts are fascinating,” Toby Rush, founding father of Redeem, instructed CryptoSlate. “Not because they’re pictures of bored apes, but because they’re a ticket credential, a certificate of digital collectible, a membership card.”

    Rush, a former Ant Group/Alibaba govt and founding father of EyeVerify (acquired by Alibaba for $100 million in 2016), co-founded Redeem with veteran distributed ledger technology govt Kenny Conklin III, who beforehand served as president of Analytico Buying and selling, Inc., a cryptocurrency market maker.

    Redeem’s service permits customers to attach any distributed ledger technology pockets on any community to their telephone quantity, making it straightforward to redeem tickets, loyalty factors, gaming objects, and extra by scanning a QR code.

    The protocol facilitates the sleek trade of NFTs via standard messaging providers corresponding to iMessage, WhatsApp, or SMS, eliminating the necessity for sophisticated crypto interfaces or fuel charges.

    “One of the most interesting things are NFTs as this digital asset that can live outside the four walls of the Googles and Apples and Facebooks and visas and ticket matches of the world,” Rush added.

    On Feb. 27., Redeem introduced it had raised $2.5M via a consortium of like-minded VCs led by Kenetic Capital, cash that Redeem says might be used to roll out product launch and assist in additional developments.

    “Adoption is the Holy Grail of Web3,” added Jehan Chu, founding father of Kenetic Capital.

    “Redeem’s core features enable users to access the world of Web3 quickly, without any prior blockchain knowledge. This is a game-changer for traditional enterprise companies seeking to reduce costs and boost new user engagement through Web3 without complex or risky crypto processes,” Chu stated.

    Redeem says it’s distributed ledger technology agnostic, that means it permits customers to attach NFTs to wallets supported by Polygon and Metamask, but in addition helps NFTs on totally different blockchains like Ethereum and Solana.

    “I think most people who engaged in Web3 agree that there is a lot of opportunity around simple, open ecosystems,” Rush stated. “For users it’s just more Internet, more technology, an open ecosystem, but the general consumer does not need to understand what is enabling it. They just get the benefit.”

    With the rising meeting line of recent services being launched Q2, Redeem seems poised to make the leap the place few distributed ledger technology firms have gone earlier than. The cell phone quantity.

    “Think of it like Domain Name Service, or DNS,” Rush added:

    “But we don’t want phone numbers public on the public chain, so what we have done is basically matched your phone number to an NFT wallet.”

    Redeem’s funding additionally noticed participation from different VCs, together with Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund, and KESTREL 0x1.

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