Generally complicated process of onboarding new users web3 Could be a little easier: US-based startups redeem claims to simplify this process by allowing users to interact with non-fungible tokens (nft) through their phone numbers.
Startup raises $2.5M in pre-seed funding led by digital asset-focused investment firm kenetic capitalwith participation from monochrome capital, VC3 DAO, Finance, flyover capital, cmt digital, KCRis FundAnd kestrel0x1axios informed of, It will use the funds to continue building out its core technology and its product launch set for Q2.
Redeem is a company that provides Web3 technology that enables users to send and redeem NFTs using their phone numbers.
Users can link any crypto wallet on any network to their phone number which then enables them to scan a QR code to redeem utility NFTs such as tickets, loyalty points, in-game items, etc.
They can send and receive NFTs via SMS, Apple’s iMessage or WhatsApp without paying gas fees or knowing an external wallet address.
Redeem founder Toby Rush said that for the startup, “it’s all about the phone number,” adding that with this method, a person is linked to the wallet through an existing verification system.
“The other cool thing about using your phone number is that you automatically eliminate all bots and effectively eliminate almost all fraud,” Rush said.
He also said that it is generally very challenging for onboard users to collect NFTs and actually use them. Redeem, argues the website. Connects digital assets to something users already know, without requiring them to learn new systems or change behaviour. Users can access “everything, all wallets, all the world, all you need” – including eCommerce, Metaverse and gaming – with one phone number.
Jehan Chu, founder of Kenetic Capital, was quoted as saying that “adoption is the Holy Grail of Web3,” and that Redeem’s core features allow users to access Web3 without any crypto or blockchain knowledge. allows.
Chu argued that,
“This is a game-changer for traditional enterprise companies that want to reduce costs and drive new user engagement through Web3 without complex or risky crypto processes.”
Meanwhile, Rush also founded a biometric ID verification firm. iVerifywhich was acquired in 2016 for $100 million ant group, Alibaba’s Financial Services Branch. Rush led the international technology investment team for Ant Group, and before that, he was CEO xolozis an Alibaba digital identity platform that evolved from EyeVerify.
Kenny Conklin II is the co-founder and COO at Redeem. According to the website, he was previously the president of Crypto Market Maker Analytico TradingCOO of the Family Investment Office azimuth zeroPresident & COO farmmobileAn agtech startup that got sold Agitationand K SVP bats global marketsA global stock exchange operator that was sold CBOE,
“I love creating new user experiences that deliver wonder and joy while hiding the complexity of technology,” Rush said. “The ability to create, engage and own assets outside of traditional walled gardens – like Apple or Google or Ticketmaster – while maintaining trust is the biggest promise of Web3. To realize the power of this new technology, We have to make it accessible and familiar to the public,” he concluded.
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learn more:
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