The co-founder of the new messaging platform, Sahil Handa, asserts that ‘Lines’ raised $4 million in a seed round backed by former Twitter VP Elad Gil.
Sahil Handa and the other two Lines co-founders aim at building an app with the $4 million that lets users send and receive messages from wallet to wallet and join groups related to the tokens they own.
Elad Gil the leading investor commented his views, that the current most unique part of crypto is the intersection of social messaging and web3. Other participants in the round comprised Hash3, Scalar Capital, Volt Capital, Caffeinated Capital, Ethereal Ventures, and others.
Sahil Handa mentioned that, “There is a rapidly increasing number of people using crypto pseudonyms to purchase digital currency, swap NFTs, vote on proposals, and manage treasuries.”
One argument, among others, that Web3 is not a verifiable communication platform of a local identity is that hacks and frauds result in millions of dollars in losses.
Also read: Nansen Introduces Web3 Messaging App ‘Nansen Connect’
The Lines inbox will follow them in the browser, allowing them to initiate conversations with users who hold the same tokens or who are members of the same communities, says Handa. Also stating that the Lines identity will remain verifiable, pseudonymous, and secure.
Lines is in competition with many other firms trying to break into the Web3 social world.
Whether enough people will conclude that Lines’ suggestion is the ideal response is the key question. Like with any messaging tool, how many people use it will largely determine how valuable it is. The startup’s ability to forge alliances with platforms like OpenSea, which it needs on its side, will depend on how many users it has.
Recently, Lens protocols unveiled its transparent, fair, and composable social media applications, while Merkle Manufactory revealed that it had raised $30 million to create the Farcaster social networking protocol.
