Quick take:
The fundraising also attracted participation from Portal Ventures, North Island Ventures, ArkStream Capital, Mindful Venture Capital, Hypersphere, SNZ, and Arche Fund.
The platform offers a browser extension that enables users to track their engagement on various platforms.
It leverages zero-knowledge transport layer security technology to verify information between web2 and web3 platforms without compromising user privacy.
T-Rex has raised $17 million in a pre-seed round backed by Framework Ventures, Arbitrum Ventures, Portal Ventures, North Island Ventures, ArkStream Capital, Mindful Venture Capital, Hypersphere, SNZ, and Arche Fund.
The company is building a Web3 platform that rewards consumers with cryptocurrency for engaging with content on various social media and entertainment platforms, including TikTok, YouTube or the X platform.
The company offers a browser extension that enables users to track their engagement on the platforms they are active on. It leverages zero-knowledge transport layer security technology to verify information between web2 and web3 platforms without compromising user privacy.
To activate the engagement tracking mechanism, users must click on “popcorn”, which appears in the corner of their screen when watching content. The more content they watch the more points they gather, which are convertible to crypto rewards.
According to the announcement, T-Rex leverages an intuitive tracking mechanism that enables it to learn about users’ preferences for future content recommendations. The browser extension is scheduled for launch by the end of this summer, the company said.
Commenting on the announcement, Allen Ng, the firm’s co-founder said in a statement: “Our blockchain stays invisible, letting them effortlessly turn their online fun into meaningful rewards. Our vision is to let attention becomes equity, community becomes power and participation becomes currency.”
The company is targeting to onboard more than 100 content creators by the end of the year while also expanding its media partnerships and bolstering intellectual property collaborations.
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