Redeem Raises $2.5 million in Pre-Seed Financing to Enable SMS-Based NFT Transactions

03/02/2023 20:31 • Tech Trends • 116 views

It is reported that the connection layer of Redeem, which has nothing to do with the blockchain, raised $2.5 million in financing to enable individuals to transmit NFT via SMS. The pre-seed financing round was led by Kenetic. Other investors include VC3 DAO, CMT Digital and Flyover Capital.

Redeem completed US $2.5 million pre-seed financing

Analysis based on this information:

The financial technology company Redeem has raised $2.5 million in pre-seed financing through a funding round led by Kenetic. The fundraise will enable homeowners to transmit non-fungible tokens (NFTs) to each other via SMS messages. Redeem is already known for its card-linking innovation, which allows retailers to obtain loyalty data without requiring clients to use an app or barcode. This latest move by the company takes the product one stage further.

The development is significant since it provides an easy and convenient method for individuals to participate in the growing NFT market without the need for sophisticated IT infrastructure. The faceless nature of the blockchain and cryptocurrencies market can seem daunting and confusing to an outsider. Redeem is attempting to expand the user base and potential market of NFTs by making the exchange of these digital assets as simple as sending a text message.

This move is also part of the broader trend of finding innovative ways to incorporate blockchain technology into everyday life. The utilization of SMS further highlights that the infrastructure of blockchain and it’s supporting technologies must also focus on the conventional infrastructure world, such as SMS message systems, in order to make mass adoption both practical and feasible.

Even though the Redeem software does not operate on the blockchain, the financing round demonstrates a growing interest in the technologies that underpin the blockchain market. The fact that several well-respected VC firms were among the funders, including Flyover Capital, VC3 DAO, and CMT Digital, reveals the bright future prospects for the broader blockchain and cryptocurrencies industry.

Overall, the financing raised by Redeem for SMS-based NFT transmissions signifies the future potential of the broader FinTech space, particularly within the blockchain category. As one aspect of its expansion into conventional infrastructures and new markets, the company’s action demonstrates that blockchain has the potential to transform the way economic activities are carried out. Additionally, utilizing SMS to incorporate blockchain into everyday life highlights the importance of making blockchain accessible to everyone, regardless of their technical proficiency.

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Redeem Raises $2.5 million in Pre-Seed Financing to Enable SMS-Based NFT Transactions

Redeem completed US $2.5 million pre-seed financing

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