The startup makes technology that makes it easier for developers and users to interact in a decentralized way.
Sending Labs, which intends to make it easier for developers and users to create and communicate with decentralized applications (dapps), has raised $12.5 million in seed funding led by Insignia Venture Partners, MindWorks Capital, and Signum Capital. Additionally, the firm announced the beta release of its first two products.
The SendingNetwork, a software development kit (SDK) that helps developers make secure dapps with in-app or cross-app chats, notifications, wallet or decentralized ID logins, and non-fungible token (NFT) transactions, is the company ‘s most significant product. SendingMe is a platform for encrypted, decentralized group chat that is built on SendingNetwork. Users are in complete control of their identities, data, and assets. Communities decide on their own how to interact, engage, and give rewards.
The collapse of the multibillion-dollar crypto exchange FTX has brought even more attention to the idea of decentralized ownership, which is an important part of crypto. Web3 has a special duty to give users control over their identities and assets.
“We firmly believe that Web3 and decentralized group messaging is the first step to return data ownership back to the user,” Sending Labs co-founder and CEO Joe Yu said in a statement. “Closing this funding round and launching our beta simultaneously shows a clear vote of confidence in our products and their potential to spark holistic Web3 growth. This can only be done by creating tools that work for builders creating its architecture and for users harnessing its community-building power.”
Yu and Mason Yang started the firm in Austin. They also started MoboTap, the company that made the early Android app Dolphin.
K3 Ventures, Lingfeng Innovation Fund, UpHonest Capital, and Aipollo Investment were among the other investors in this round.
Content Source: CoinDesk.com
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