TechFlow News, Web3 e-commerce platform Rye has raised $14 million in a new funding round led by a16z Crypto. Participants include Goat Capital, Solana Ventures, Electric Ant, Electric Feel Ventures, L Catterton, James Beshara, co-founder of Tilt, and NBA veterans Andre Iguodala and JaVale McGee.
Rye was founded by Justin Kan, co-founder of Twitch, with the goal of building a "Spotify for Web3." Rye aims to reduce e-commerce costs through cryptographic tokens, offering a cryptocurrency called "Rye" (usable for transaction fees). It will provide a one-click application programming interface (API) enabling merchants to display some or all of their products on Rye's own marketplace. Rye will also offer product catalogs for developers to embed into their own websites and apps—a significant departure from centralized e-commerce platforms like Amazon and Spotify.Original link
