Lines, the cryptocurrency messaging platform, has raised $4 million in a seed round, according to co-founder Shail Handa.
Former Twitter VP Elad Gil led the funding round. Hash3, Scalar Capital, Volt Capital, Caffeinated Capital, Ethereal Ventures, Whimsy, Naval Ravikant, Balaji Srinivasan, and Gokul Rajaram were also present.
“A rapidly growing number of people are using crypto pseudonyms to buy digital currency, swap NFTs, vote on proposals, and manage treasuries,” The Block reported. “The issue is that when someone attempts to communicate with another person in this network, there is no way of knowing whether or not they are speaking to the correct person.”
Former Twitter VP Elad Gil led the funding round. Hash3, Scalar Capital, Volt Capital, Caffeinated Capital, Ethereal Ventures, Whimsy, Naval Ravikant, Balaji Srinivasan, and Gokul Rajaram were also present.
“A rapidly growing number of people are using crypto pseudonyms to buy digital currency, swap NFTs, vote on proposals, and manage treasuries,” The Block reported. “The issue is that when someone attempts to communicate with another person in this network, there is no way of knowing whether or not they are speaking to the correct person.”
Handa went on to say that this could be one of the reasons for hacks and scams in which people lose millions of dollars because, among other issues, web3 native identity lacks a verifiable communications platform.
Handa and his two other co-founders are working to solve the problem by “building an app that lets you send messages from wallet to wallet and join group chats based on the tokens you own,” according to The Block.
“As a user navigates different DAO apps and NFT platforms,” Handa explained, “their Lines inbox will follow them around in the browser, allowing them to start conversations with users who hold the same tokens as them or who belong to the same communities.”
Along with Lines, Merkle Manufactory announced last week that it has raised $30 million to develop the Farcaster social networking protocol.
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