In a pre-seed funding round, the newly-launched web3 native social wallet, Tribes, raised $3.3 million.
Realizing the full promise of web3
Through this fundraiser, which, according to the founder and CEO of Tribes, Hish Bouabdallah, closed successfully, the messaging and group wallet app aims to make “these powerful and newly-possible web3 actions understandable and accessible to the masses.”
The web3 space is growing, and there is a need to attract more web2 users.
Bouabdallah also believes that this would help more people make sense of the existing products and processes required in web3 spaces.
Kindred Ventures, Script Capital, and South Park Commons led the funding round. There is a rise in the development of multi-functional wallets in the crypto ecosystem, and each has different use cases.
Crypto wallets going social
In 2022, there was a 6% rise in the use of crypto wallets, with the figure rising to 85 million, and Easy Company recently raised $14.2 million for a new crypto wallet.
The apparent trend is the focus on developing social wallets to support creators and ease the transfer of crypto and tokens.
Each solution aims to achieve wider adoption, and every wallet has key focused roles in strengthening web3 infrastructure. In the case of Tribes Group wallets, it allows users to co-own and manage digital assets.
They also communicate directly through the wallet; other messaging services are unnecessary.
This is expected to be embraced by decentralized autonomous communities (DAOs) and even families who want to contribute to projects and joint ownership properties. Spending or sending assets from the group will require a group vote.
Digital assets like non-fungible tokens (NFTs), memberships, and currencies can be sent, received, or held in the Tribes Group wallet.