By
Bena Ilyas
April 19th, 2024
Lines has concluded a funding round to dive into the web3 space by providing verifiable user communication channels.
New web3 messaging app Lines recently raised $4 million in seed funding from a host of investors led by former Twitter VP Elad Gil. Other participating investors were Hash3, Scalar Capital, Volt Capital, Caffeinated Capital, Ethereal Ventures, and Mischief. The list also includes Naval Ravikant, Balaji Srinivasan, and Gokul Rajaram.
In Light of Funding, Lines CEO Speaks on Company’s Value Proposition in Web3 Space
Lines’ co-founder and CEO Sahil Handa touted the company as a verifiable communication platform for crypto users. According to Handa, Lines’ user identity method would solve the crypto scam and hack problem that has caused people to lose millions of dollars. Speaking on the issue, the company’s co-founder and CEO explained:
“There is a rapidly increasing number of people using crypto pseudonyms to purchase digital currency, swap NFTs, vote on proposals, and manage treasuries. The problem is that whenever someone tries to communicate with another person in this network, there is no way of knowing whether or not they are talking to the right person.”
Handa further stated that Lines would allow its users to send messages directly from wallet to wallet. In addition, users of the upcoming app will be able to join group chats based on the tokens owned. In Handa’s own words:
“As a user navigates different DAO apps and NFT platforms, their Lines inbox will follow them around in the browser, enabling them to start conversations with users who hold the same tokens as them or who are members of the same communities.”
Also touching on Lines’ user operability, Handa said that users’ identities would be verifiable, pseudonymous, and secure. Furthermore, the company’s CEO added that users will have full control over their entity. Users will also control what parts of their identity they choose to share. In addition, users will be able to easily prove ownership of given currencies or tokens.
Lead Investor Also Weighs In
Speaking on the “intersection” of web3 and social messaging, Gil, lead investor of Lines’ funding round, was enthused about future prospects. According to Gil, merging social messaging functionality with crypto is one of the “more interesting parts” of the evolving web3 space. However, the former Twitter VP also added that today’s messaging tools may be insufficient for web3’s peculiarities. He concluded by suggesting that there were opportunities to fill these lapses and get it right.
As Lines looks to embark on its agenda, the startup faces competition from other web3 messaging apps. Gil admitted this prospect after revealing that he knows there are other teams working on similar projects. For instance, last week, Merkle Manufactory stated that it raised $30 million to develop a social networking protocol called Farcaster.
As it stands, Lines follows a number of other firms also trying to make headway in the marriage between web3 and social media.