The team at TipLink is pleased to announce that they have raised $6m in seed funding led by Sequoia Capital and Multicoin Capital.
TipLink allows users “to send crypto or NFTs with just a link.” The kicker is… the link is a wallet. They claim to be “building one of the most important distribution mechanisms in crypto, and this capital will help us bring TipLink to the masses.”
Aside from Sequoia and Multicoin Capital, the teams says they couldn’t be more excited by the rest of their backers. This reportedly includes: Asymmetric, Big Brain Ventures, Circle Ventures, Karatage, Monke Ventures, Paxos, and Solana Ventures.
They also are “backed by well-known angels Vinny Lingham, Liu Jiang, and Sarah Guo.”
According to the update, there is “a gap in crypto payments.”
If we take a step back from the crypto world and consider the larger world of payments, “there are several challenges consumers are facing today.”
As an example, if Alice wants “to send Bob $10 on the internet, there are several challenges she will run into.” She needs “a coincidence of technologies, meaning that Alice and Bob both need the same application, like PayPal for example.” If they both use PayPal, Alice “still needs to ask Bob for his information.” Even in crypto, Alice needs “to ask Bob if he has a wallet and, if he does, have a back-and-forth exchange to get his public key.”
The only version where people “don’t need to worry about the above 3 is cash.” When Alice hands Bob cash, she doesn’t have “to worry whether they use the same apps or ask for each other’s usernames; she just hands over the cash.” There should be “a way to digitally move around assets like cash, but for the internet.”
With TipLink, users can “send crypto or NFTs with just a link.” The link itself is “the wallet, meaning the user receiving doesn’t need to know anything about crypto.”
The user can then withdraw the assets to:
- A wallet they already have.
- Over time directly to financial institutions they are familiar with.
- If they’ve never set up a crypto wallet, they can log in with Google and have a lightweight non-custodial wallet in seconds.
The team claims that the implications for this new distribution mechanism are “massive.” Instead of sending digital assets to only people in the small crypto ecosystem, you can now send assets “to anyone on the planet with an internet connection.”
Today, you can “send crypto and NFTs to anyone with just a link.”
As noted in the update:
“We want to make sending TipLinks super simple for developers. Our API allows developers to create TipLinks for free and add any asset. This allows for setting up automated processes to send out digital assets and integrating creating/sending links directly into applications. Like Stripe helped create billion-dollar e-commerce businesses, TipLink can help create billion-dollar crypto companies. Now that TipLink exists, the early adopters in figuring out new use cases across IRL, social, marketing, payments, etc., will be rewarded.”
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