Redeem raises $2.5M for its SMS-based NFT service

Redeem develops a solution which allows tosend from NFT using only a phone number. The startup has just raised 2.5 million dollars in priming.

On Wednesday, the founder and CEO of Redeem, Toby Rushunveiled his project whose ambition is to accelerate the adoption of Web3 by simplifying the sending of non-fungible tokens.

The American start-up is developing a connectivity layer allowing to easily send, receive and exchange NFTs using a simple phone number.

For Toby Rush, the main obstacle to the massive adoption of Web3 is the integration of new users. The current processes are often too complicated and scary, according to him.

“That’s why Redeem builds on existing traditional frameworks and behaviors – allowing users to link any blockchain wallet on any network at their phone number to redeem tickets, loyalty points, game items… By scanning a QR codeRedeem also offers the possibility to easily exchange digital assets through traditional messaging platforms like iMessage and WhatsApp or via SMS,” the executive explained.

The solution is aimed at brands who wish to create loyalty programs based on NFTwithout the need to train their customers in Web3.

Concurrently, Redeem has announced that it has collected 2.5 million dollars in pre-seed with Kenetic CapitalMonochrome Ventures, VC3 DAO, CMT Digital and others. The funding will allow the company to put the finishing touches on its service, which is scheduled to launch this second quarter.

Toby Rush previously founded EyeVerifya biometric security firm acquired for $100 million in 2016 by Chinese giant Alibaba.

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