Redeem, which leverages web3 technology to allow users to send and redeem non-fungible tokens (NFTs), has reportedly raised $2.5m in its pre-seed.
Kenetic Capital, an investor aimed at blockchain, served as the lead investor, according to a report from Markets Insider. Other commitments came from Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and KESTREL 0x1.
Following the close of the round, Redeem plans to bolster the efforts for its second-quarter product launch. Capital has also been earmarked to enhance the core technology.
Redeem allows users to easily send and redeem NFTs by using their mobile number. The platform simply takes the phone number and links it to a new blockchain wallet, which allows users to access, store and use their digital assets.
The user can exchange NFTs through services including SMS, WhatsApp and iMessage.
Speaking on the funding round, Kenetic Capital founder Jehan Chu said, “Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the universe of Web3 in seconds with no prior crypto blockchain knowledge.
“This is a game-changer for traditional enterprise companies who want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.”
Another NFT-focused FinTech company to recently bag funding was NeoSwap AI. It raised $2m in its pre-seed round last week, with capital coming from Digital Asset Capital Management, AngelHub, Dhuna Ventures, Stacks Ventures, Gossamer Capital and several angel investors.
The company claims its proprietary algorithms allow for ‘efficient trade discovery’ using digital assets and minimal currency, offering a new and more efficient form of commerce compared to traditional centralised methods that require greater liquidity.
In other NFT news, RegTech company Alessa recently released a report exploring what firms need to know about money laundering in the NFT space.
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