Redeem Raises $2.5 Million to Allow NFT Transmission via SMS
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 tran…
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
Interpretation of the news:
Redeem, a blockchain platform, has reportedly raised $2.5 million in financing to enable individuals to transmit non-fungible tokens (NFTs) via SMS. The platform’s connection layer, which is not blockchain-based, manages the transmission of digital assets by linking directly to the blockchain. The pre-seed funding round was led by Kenetic, a blockchain-focused investment firm. Other investors included VC3 DAO, CMT Digital, and Flyover Capital.
NFTs are unique digital assets that are verified by blockchain technology, making them difficult to duplicate or counterfeit. They are used to represent various types of digital content, such as art, music, and videos. NFTs have become increasingly popular in recent years, with artists and collectors using them to create and trade unique digital art pieces.
Redeem’s solution allows users to send and receive NFTs via SMS, which could potentially expand the market for these unique digital assets. This feature could be particularly useful in developing countries where internet access is limited or expensive, as SMS is often the primary means of communication.
Redeem’s connection layer manages the transmission of NFTs by linking directly to the blockchain. The layer is designed to work with any blockchain-based platform, allowing users to send and receive NFTs across different networks. This feature could help to create a more interconnected NFT ecosystem, making it easier for users to access and trade unique digital assets.
The $2.5 million in funding secured by Redeem will be used to develop and expand the platform, with a particular focus on building out its connection layer. The funding will also be used to expand the team, with plans to hire additional engineers and product managers.
In conclusion, Redeem’s new financing round represents an important development in the world of NFTs. By allowing users to transmit these unique digital assets via SMS, Redeem is helping to expand the market for NFTs and create a more interconnected ecosystem. The funding will be used to further develop the platform, with plans to expand the team and build out the connection layer.
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