Last Updated on March 2, 2023 by Bitfinsider
Blockchain-independent connectivity component Redeem has collected $2.5 million in order for people to join in web3 using only their phone numbers.
Kenetic is leading the pre-seed financing round. According to the announcement, other investors in the round include VC3 DAO, CMT Digital, and Flyover Capital.
Toby Rush, a former Alibaba executive and the creator of biometric company EyeVerify, wants to provide the infrastructure that will allow users to access web3 using only their phone numbers. “If there’s a common thread between the different companies, I’d say it’s how do you let individuals do more by doing less,” Rush said. “In a more lighthearted sense, people are indolent, and I attempt to help them be effective while being lethargic,” he added.
According to Rush, Redeem’s business strategy is business-to-business and business-to-customer, with an emphasis on exchanging utility NFTs.
“We have not yet really advanced to peer-to-peer NFTs,” Rush said. “I like the idea. I’m not sure how we’re going to manage that.”
Through Redeem’s communication component, a company will be able to give or receive NFTs or web3 incentives via common services such as Whatsapp or iMessage. “I feel like I need a t-shirt saying I love phone digits,” Rush joked. “They’re just an intriguing construct that we’ve already completely embraced, and so we’re attempting to build this connectivity layer between phone numbers and the rest of web3 and blockchain in order to explicitly unleash usefulness in everyday life.”
While the vision may appear lofty, Rush claims that a version is already in use. Individuals attending an event over the weekend could scan a QR code from Redeem and choose between WhatsApp and SMS to collect an NFT from the event. On the back end, the company is establishing a wallet, depositing NFTs into it, and instantly transmitting a link back to the customer.
“On the near-term plan, you can set what your primary wallet should be,” Rush explained. “And it would merely send the proper NFT to the wallet you’ve specified.”
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