Startup Redeem raises $2.5M to bring NFTs directly to mobile phone numbers
When you board the next wave of NFTs in the mainstream, it can be as simple as sending a WhatsApp message or an SMS.
Or so hopes Redeem, a new startup that aims to make NFT transfers as easy as using basic mobile technology, potentially exposing NFT technology to billions of new customers.
“I think NFTs and smart contracts are fascinating,” Toby Rush, founder of Redeem, told CryptoSlate. “Not because they’re pictures of boring monkeys, but because they’re a ticket voucher, a digital collectible certificate, a membership card.”
Rush, a former Ant Group/Alibaba executive and founder of EyeVerify (acquired by Alibaba for $100 million in 2016), co-founded Redeem with veteran blockchain executive Kenny Conklin III, who previously served as president of Analytico Trading, Inc., a cryptocurrency market maker.
Redeem’s service allows users to connect any blockchain wallet on any network to their phone number, making it easy to redeem tickets, loyalty points, game items and more by scanning a QR code.
The protocol facilitates smooth exchange of NFTs through popular messaging services such as iMessage, WhatsApp or SMS, eliminating the need for complicated crypto interfaces or gas fees.
“One of the most interesting things is NFTs like this digital asset that can live outside the four walls of the Googles and Apples and Facebooks and visas and ticket battles of the world,” Rush added.
On February 27, Redeem announced that it had raised $2.5 million through a consortium of like-minded VCs led by Kenetic Capital, money that Redeem says will be used to launch product launches and help further development.
“Adoption is the holy grail of Web3,” added Jehan Chu, founder of Kenetic Capital.
“Redeem’s core features enable users to access the Web3 world quickly, without prior knowledge of blockchain. This is a game-changer for traditional enterprise businesses looking to reduce costs and increase new user engagement through Web3 without complex or risky crypto processes,” said Chu.
Redeem says it is blockchain agnostic, meaning it allows users to connect NFTs to wallets supported by Polygon and Metamask, but also supports NFTs on different blockchains such as Ethereum and Solana.
“I think most people who have gotten involved with Web3 would agree that there are a lot of opportunities around simple, open ecosystems,” Rush said. “For users, it’s just more Internet, more technology, an open ecosystem, but the general consumer doesn’t need to understand what makes that possible. They just get the benefit.”
With the growing assembly line of new products and services launching in Q2, Redeem looks set to take the leap where few blockchain companies have gone before. The mobile number.
“Think of it like Domain Name Service or DNS,” Rush added:
“But we don’t want to have phone numbers publicly on the public chain, so what we’ve done is basically match your phone number to an NFT wallet.”
Redeem’s funding also saw participation from other VCs including Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and KESTREL 0x1.
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