Redeem Raises $2.5M to Let Users Receive NFTs Via Phone Numbers

Web3 infrastructure startup Redeem has raised $2.5 million in funding ahead of its launch of a product that allows users to send and redeem NFTs using their phone numbers. BrandyBetz reports

, which provides Web3 technology that allows users to send and redeem non-fungible tokens using their phone numbers, has raised $2.5 million in a pre-seed round led by digital asset-focused investment firm Kenetic Capital. The startup will use the funds toward its second-quarter product launch and to continue building out the core technology.

Kansas-based Redeem allows users to link any crypto wallet on any network to a phone number in order to redeem so-called utility NFTs such as tickets, loyalty points or in-game items by scanning a QR code. Users can also send and receive NFTs through Apple's iMessage, WhatsApp or text messages without adding a crypto interface or gas fees.

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