Share this article
Redeem Raises $2.5M to Let Users Receive NFTs via Phone Numbers
Kenetic Capital led the round ahead of Redeem's second-quarter product launch.
By Brandy Betz
Updated May 9, 2023, 4:09 a.m. Published Mar 1, 2023, 5:00 p.m.
Redeem, which provides Web3 technology that allows users to send and redeem non-fungible tokens (NFT) 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.
Investments cascaded into crypto companies during the bull market of 2021, but have slowed to a drip due to the crypto winter. Infrastructure projects, however, have maintained the highest level of investor interest, particularly projects that make it easier for non-crypto natives to enter the space.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
“Adoption is the Holy Grail of Web3. Redeem’s core features allow users to access the universe of Web3 in seconds with no prior crypto blockchain knowledge,” said Kenetic Founder Jehan Chu in a press release. “This is a game-changer for traditional enterprise companies who want to reduce cost and drive new user engagement via Web3 without complicated or risky crypto processes.”
Redeem was founded by Toby Rush, who previously founded EyeVerify, a biometric tech company that was acquired by an affiliate of Chinese tech conglomerate Alibaba for $100 million in 2016.
Other investors in the round included Monochrome Capital, VC3 DAO, The Fund, Flyover Capital, CMT Digital, KCRise Fund and KESTREL 0x1.
Read more: Crypto Winter Led to 91% Plunge in VC and Other Investments for January
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
