Applications and Use Cases

Tribes Announces $3.3 Million in Funding, Launches Social Wallets

January 27, 2023

Tribes, the popular Web3-native messaging app which helps crypto consumers, creators, communities and DAOs to collaborate, raised $3.3 million in pre-seed funding led by Kindred Ventures, South Park Commons and Script Capital.

It also announced the launch of Social Wallets - a messaging and wallet app for groups that makes it easier for people to communicate and co-own and manage digital assets.

With a channel for communications, people can better track, participate and get involved with digital assets.

With social wallets people can buy things together or save money as a group and even manage a small organization.

The social wallet combines technologies like (Gnosis) for safe multisignature smart contracts, transaction signing with Coinbase Wallet and secure in-app signatures. Add in Web3 technology and they not only get group chats, but can also take collective actions - something Tribes says will change the economy.

What does this type of next-gen  co-ownership and management look like?

Tribe describes friends and family that co-fund and share the purchase of a car or home or groups of people who can co-invest in digital wares and financial products. It’s also possible to have fully-operational DAOs with shareholders and operators.

With a shared wallet they can send, receive and hold digital assets like NFTs, memberships, currencies, and more and they can only be spent with full group approval.

"Web3 primitives for co-ownership and collective action are transformative but few people can make sense of the existing products and processes required," said Hish Bouabdallah, founder and CEO of Tribes. "In order to realize the full promise of Web3, nailing collective action is absolutely essential. Our approach to embed it directly into group chat makes these powerful and newly-possible Web3 actions understandable and accessible to the masses."

Edited by Greg Tavarez

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