Highlights:
- K3 Ventures, Lingfeng Innovation Fund, UpHonest Capital, and Aipollo Investment also participated in the investment round, which Sigum Capital led.
- By offering an encrypted group chat platform that enables users, creators, and community managers to communicate socially in a Web3 ecosystem, SendingMe demonstrates the full potential of Sending Labs’ capabilities.
Recently, Sending Labs reported that it has secured USD 12.5 million in seed funding. The company develops decentralized communication tools and protocols for programmers to integrate messaging into their Web3 applications.
Built on blockchain technology, Web3, the decentralized web, enables peer-to-peer transactions to let different parties engage and carry out transactions without the need for intermediaries or a centralized authority. Decentralized economies, communities, games, governance, and other applications have sprung from this.
Decentralized messaging is an essential requirement for Web3 apps, and Sending Labs created its products with this in mind. It fills what the business perceives as a rising market gap when decentralized programs or dapps lack internal decentralized messaging features. The company’s products are designed to address this.
K3 Ventures, UpHonest Capital, Lingfeng Innovation Fund, and Aipollo Investment also participated in the investment round, which Sigum Capital led.
The firm also released two flagship products in beta test mode along with the funding, including SendingMe, a fully functional Web3 encrypted decentralized group chat, and SendingNetwork, a software development kit that enables social connectors for decentralized apps.
Co-founder and chief executive of Sending Labs, Joe Yu, said, “We firmly believe that Web3 and decentralized group messaging is the first step to return data ownership back to the user. Closing this funding round and launching our beta simultaneously shows a clear vote of confidence in our products and their potential to spark holistic Web3 growth.”
By offering an encrypted group chat platform that enables users, creators, and community managers to communicate socially in a Web3 ecosystem, SendingMe demonstrates the full potential of Sending Labs’ capabilities. It uses blockchain-based smart contracts, which are self-executing programs, to conduct trades, process payments, and offer upscale services. These services include peer-to-peer swaps, community marketplaces, gifting, crowdfunding, auctions, and token-gated membership to project monetization.
With the aid of SendingNetwork, developers may incorporate robust social features into their decentralized Web3 applications. Builders can quickly add in-app and cross-app chats, alerts, wallet and decentralized logins using the SDK. They can also let users conduct transactions utilizing nonfungible tokens, cryptocurrency tokens, and management functions.
The SDK also allows multiuser audio and video calls, encrypted phone calls, and high-quality video calls in addition to text messaging and other simple forms of communication. It is cross-platform and will function with Web, iOS, Android, and more clients.
Both solutions comprise an extensive toolkit for community administration that uses Web3 capabilities to give members complete control over their identity information and cryptocurrency holdings. Communities can create and manage their growth and reward systems through connection and involvement.
Sending Labs’ product introduction and investment coincide with an intriguing social networking and communications period. Twitter, a microblogging service, has been in the headlines lately because billionaire Elon Musk bought the business, fired reporters for writing about him, and blocked developers’ access to the application user interface. Due to these controversies, users have looked towards alternatives like the decentralized social network Mastodon.