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Tribes Group’s web3 portfolio raises $3.3 million in funding

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In a pre-seed funding round, the newly launched Web3’s original social wallet, Tribes, raised $3.3 million.

Realizing the full promise of web3

With this fundraiser, which, according to Kabyle founder and CEO Heish Bouabdallah, has successfully closed, the collective wallet and messaging app aims to make “web3’s powerful and newly empowered actions understandable and accessible to the masses.”

The Web 3 space is growing, and there is a need to attract more Web 2 users.

Bouabdallah also believes that this should help more people understand the current products and processes needed in Web 3 spaces.

Kindred Ventures, Script Capital and South Park Commons led the funding round. There is a rise in the development of multifunctional wallets in the crypto ecosystem, each with different use cases.

Cryptocurrency wallets are getting social

In 2022, there was a 6% rise in the use of cryptocurrency wallets, taking the number to 85 million, and Easy Company recently raised $14.2 million for a new crypto wallet.

The clear trend is to focus on developing social wallets to support creators and facilitate the transfer of cryptocurrencies and tokens.

Each solution aims to drive broader adoption, and each wallet has key roles focused in enhancing the Web 3 infrastructure. In the case of the Tribes Group wallets, it allows users to own and manage digital assets.

They also communicate directly through the wallet; Other messaging services are not necessary.

This is expected to be adopted by decentralized autonomous communities (DAOs) and even by families willing to contribute to projects and joint ownership properties. Spending or sending assets from the group will require a group vote.

Digital assets such as non-fungible tokens (NFTs), memberships, and currencies can be sent, received, or held in a Tribes wallet.

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