Redeem’s Connection Layer Raises $2.5 Million for SMS NFT Transmission

03/02/2023 20:31 • Blockchain Buzz • 164 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

Interpret the above information:

Redeem, a platform that enables companies to issue and manage digital cards, vouchers, and tokens, has raised $2.5 million in pre-seed financing for its connection layer to allow individuals to transmit non-fungible tokens (NFTs) via SMS. The financing round was led by Kenetic, a blockchain investment firm, and joined by VC3 DAO, CMT Digital, and Flyover Capital.

The connection layer of Redeem is not related to blockchain technology. Instead, it enables the transmission of NFTs through SMS. NFTs are unique digital assets that represent ownership of a particular digital asset or piece of content. They are stored on a blockchain network and can be bought, sold, and traded like any other cryptocurrency.

One of the biggest criticisms of NFTs is that they are difficult to use for people who are not familiar with cryptocurrencies and blockchain technology. Redeem’s connection layer solves this problem by allowing individuals to transmit NFTs via SMS, which is a more familiar technology for most people.

The financing will enable Redeem to invest in its connection layer technology and expand its service offering to include the transmission of other digital assets, such as digital cards and vouchers. This will enable businesses to offer more flexible and accessible digital solutions for their customers.

Kenetic, the lead investor in the financing round, is a blockchain investment firm that focuses on early-stage blockchain projects. VC3 DAO, CMT Digital, and Flyover Capital are also active investors in the blockchain space.

The financing round is a significant milestone for Redeem and highlights the growing trend of NFTs and blockchain technology in the mainstream market. It demonstrates the potential for blockchain-based solutions to solve real-world problems and create value for businesses and individuals.

In conclusion, Redeem’s connection layer has raised $2.5 million in pre-seed financing to enable individuals to transmit NFTs via SMS, which is a more accessible technology for people unfamiliar with blockchain. The financing will allow Redeem to invest in its technology and expand its service offering to include other digital assets. This is a significant milestone for Redeem and highlights the growing trend of blockchain-based solutions in the mainstream market.

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Redeem’s Connection Layer Raises $2.5 Million for SMS NFT Transmission

Redeem completed US $2.5 million pre-seed financing

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