Setter, a consumer application, is currently focusing on wallet technologies. Will the recent fund assist for the same?
Setter, a New York-based firm that is typically an application, has leveraged up the capital with $5 million during its seed funding. The investors have foreseen its potential as it enables the brands to innovate and explore Web3-powered commerce.
Setter Aiming Big
The Web3 application will set a new smash for the firms as it makes the optimum utilization of a $5 million fund led by a16z for seed funding, which will be deployed in promotional activities such as bringing forth exclusive products and limited edition drops. Moreover, the firm announced in an email that it aims to address the ‘complexity and unfriendliness of current wallet technologies.’
Setter’s Scope According to the CEO
“It looks and feels like a Web2 app, but it is a full-blown smart contract wallet under the hood,” CEO Juan Hernandez said in an interview. Web2 refers to the existing, centralized Web-based technology.
“We’re trying to make it really seamless, where the Web2 and Web3 objects are just sitting right next to each other … whether you’re just paying with traditional Web2 rails or whether you need to convert into crypto from a credit card.”
The latest fund raised by Setter will certainly help in bringing evolution around the partnerships with sneaker brands and more, which aims to imbibe adequate networking across the luxury brands.
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