Redeem announced the completion of $2.5 million pre-seed financing

It is reported that the blockchain company Redeem announced the completion of $2.5 million pre-seed financing, led by Kenetic Capital. It is reported that Redeem allows users to use phone numbers to get NFT without setting up encrypted wallets.

Interpretation of this information:

Redeem, a blockchain company, has recently announced that it has completed a $2.5 million pre-seed financing round that was led by Kenetic Capital. Redeem is a platform that allows users to acquire NFTs (non-fungible tokens) with the use of their phone numbers, without the hassle of setting up encrypted wallets.

The rise of NFTs have been a hot topic in the world of blockchain technology. These unique digital assets have become highly sought after by collectors and investors alike. However, the process of acquiring and trading NFTs have been difficult for the average person, as it often requires a certain level of technical proficiency to set up an encrypted wallet.

With Redeem, the process of acquiring NFTs has been simplified, as users can now acquire NFTs with the use of just their phone numbers, no wallet set up is required. This makes the acquisition of these unique digital assets less intimidating for those who are relatively new to the blockchain space.

The $2.5 million funding round was led by Kenetic Capital, a blockchain venture firm that has been investing in various blockchain projects. The funding will be used to further the development of the Redeem platform and to expand the team.

Ultimately, the completion of this funding round signals the increasing interest in NFTs and the potential for simplifying the process of acquiring and trading them. Redeem’s platform offers an innovative solution to an existing problem in the blockchain space, and it will be interesting to see how this platform will evolve and impact the market.