Lines, a Web3 startup receives $4 M in a Seed round

The co-founder of the new messaging platform, Sahil Handa, claims that ‘Lines’ raised $4 million in a seed round supported by former Twitter VP Elad Gil.

Sahil Handa and the other two Lines co-founders aspire at building an app with $4 million that allows users to send and receive messages from wallet to wallet and unite in groups related to the tokens they possess.

Sahil Handa (center) and the other two co-founders

Elad Gil the leading investor commented on Handa’s views mentions that the current most unique part of crypto is the junction of social messaging and web3. Other players in the round included Hash3, Dylan Field (Figma CEO), Scalar Capital, Volt Capital, Caffeinated Capital, Ethereal Ventures, and others.

Sahil Handa conveyed that there is a rapidly increasing number of people utilizing crypto aliases to buy digital currency, swap NFTs, vote on proposals, and manage treasuries.

One argument, among others, that Web3 is not a supportable communication platform of local identity is that hacks and shams result in millions of dollars in losses.

Handa also mentioned that the Lines inbox will follow them in the browser, permitting them to initiate conversations with users who hold the same tokens or who are fellows of the same communities. In addition, he assures that the Lines identity will remain verifiable, pseudonymous, and secure.

Web3 Investment related: Christie’s Auction house reveals venture fund

“Lines” is in competition with many other companies trying to break into the Web3 space

As Lines looks to venture on its agenda, the startup faces competition from other web3 messaging apps. Elad Gil admitted this prospect after indicating that he knows there are other teams working on similar projects. For illustration, last week, Merkle Manufactory declared that it raised $30 million to design a social networking protocol called Farcaster.

Whether enough individuals will conclude that Lines’ suggestion is the ideal reaction to the issues surrounding Web3 and the crypto world remains to be seen. Like with any messaging tool, how many people utilize it will largely determine how useful it is. The Web3 startup’s ability to develop alliances with platforms like OpenSea, which it needs on its side, will rely on how many users it has.

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