Redeem raises $2.5 million to transfer NFTs over text message
Blockchain agnostic connectivity layer Redeem has raised $2.5 million to enable individuals to participate in web3 using just their phone numbers. The pre-seed funding round is led by Kenetic. Other investors in the round include VC3 DAO, CMT Digital and Flyover Capital, the company said in the release. The startup, founded by Toby Rush, a former Alibaba executive and the founder of biometric startup EyeVerify, wants to provide the infrastructure to enable users to tap into web3 using just their phone numbers. "If there were a through line between the various companies, I would say it's around how do you let people do more by doing less," Rush said. "A more tongue in cheek way, people are lazy and I try to help them be productive while being lazy," he added. Redeem's model is business- to-business and business-to-customer with a focus on exchanging utility NFTs, Rush said.
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