Redeem completed US $2.5 million pre-seed financing

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.

Interpretation of this information:

The latest news from Redeem indicates that the company’s connection layer has successfully raised $2.5 million in pre-seed financing through a round led by Kenetic. Despite being unrelated to blockchain technology, this accomplishment enables individuals to transmit NFTs (Non-fungible tokens) via SMS, making for greater accessibility and convenience when dealing with these unique digital assets.

The concept of a connection layer is an essential component of decentralized systems, allowing various technologies to work seamlessly together. In the context of Redeem’s latest achievement, the connection layer is a gateway for transmitting digital assets over SMS, introducing new opportunities for transferring NFTs via mobile devices’ ubiquitous functions.

This financing round’s investors include VC3 DAO, CMT Digital, and Flyover Capital, indicating the market’s interest in the potential of Redeem’s solution. VC3 DAO is a decentralized autonomous organization that invests in early-stage blockchain and DeFi projects, while CMT Digital is a subsidiary of US-based trading firm CME Group, with a focus on crypto asset management. Flyover Capital is a Kansas City-based venture capital firm that invests in early-stage companies, mostly in the Midwest region of the United States.

The financing rose at a pre-seed stage, indicating that the NFT-over-SMS option is still in the early stages of development. However, this initial funding allows Redeem to continue building the necessary infrastructure and fine-tuning the technology to optimize it fully. As the demand for NFTs increases, Redeem’s solution could make it easier for content creators, gamers, and other stakeholders to share their digital assets or sell them on various platforms.

Overall, the recent funding round for Redeem presents an exciting development for the NFT market, especially by introducing the possibility of SMS transmissions. While it is still too early to determine the long-term impact on the industry, the backing of notable investors highlights the potential for this technology. With further development, it may only be a matter of time before more individuals can conveniently share and own NFTs wherever and whenever they want.