Web3 Social Wallet Tribes Launches With $3.3M in Funding
The crypto app startup was founded by a former Coinbase engineer.
Tribes, a new Web3-native messaging and group wallet app, has raised $3.3 million in a pre-seed funding round led by Kindred Ventures, South Park Commons and Script Capital.
The fundraising closed in October, Tribes founder and CEO Hish Bouabdallah told CoinDesk during an interview last week, putting the round deep into a crypto bear market that put pressure on the investment landscape but ahead of the industry-shaking implosion of centralized exchange FTX. The strengthening of Web3 infrastructure to attract more Web2 natives and general users has emerged as a trend in the post-FTX investment environment.
“Web3 primitives for co-ownership and collective action are transformative, but few people can make sense of the existing products and processes required,” Bouabdallah said in a statement provided to CoinDesk. “In order to realize the full promise of Web3, nailing collective action is absolutely essential. Our approach to embed it directly into group chat makes these powerful and newly possible Web3 actions understandable and accessible to the masses.”
Tribes group wallets let people co-own and manage digital assets while communicating directly through the wallet rather than through an outside messaging service such as Discord or Twitter. The use cases include decentralized autonomous organizations (DAOs) – token-gated communities built around as shared mission – or something as simple as family members wanting to co-contribute to the joint ownership of property. Wallets can send, receive and hold digital assets, including non-fungible tokens (NFTs), memberships and currencies. Sending or spending assets from the group requires a group vote for approval.
Available in the Apple (AAPL) and Google app stores, Tribes app users connect through their Coinbase Wallet. Bouabdallah was previously an engineer at Coinbase (COIN) who worked on developing the exchange’s wallet product.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.