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.

AccessTimeIconMar 1, 2023 at 5:00 p.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

  • 'The Voice' Makes Its Way to the Metaverse
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    What's the Key to Winning a Hackathon?
  • 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.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.