SocialFi App Tomo Secures $3.5 Million in Seed Funding for Web3 Social Wallet Innovation

A seed funding round took place where Tomo secured an amazing 3.5 million dollars. For people who might not be aware of it Tomo is a Web 3 social application. The round in question was led by Polychain Capital. But other platforms such as Consensys, Symbolic Capital, OKX Ventures, Nomad Capital, Story Protocol, dao5, KuCoin Ventures, and HTX Ventures also showed their support. 

Introducing TomoID and plans for a points system revamp

Tomo securing the funding wasn’t everything that took place, the Web 3 social application along with securing the funding also eagerly revealed something very exciting. They revealed a new wallet feature called TomoID and also confirmed that they are planning to revamp their whole reward system. Tomo ID as everyone might be aware is designed specifically for content creators or businesses. Tomo ID offers a link in bio tool as well as an affiliate program targeted towards crypto commissions. The reward system is getting changed to motivate early contributors, The aim might be to simultaneously launch a platform token to reward users.

Bridging social media and blockchain

Tomo is making it easier for social media users to start using blockchain technology. It does this by making the process simple to understand and use. Users can buy digital currency with regular money (fiat) through partners and set up secure digital wallets without having to give control to someone else, thanks to a technology called ERC-4337. 

Tomo works on special versions of Ethereum called Layer 2 networks, like Linea and Base, which are supported by big names in the blockchain world, Consensys and Coinbase. With ERC-4337, Tomo can offer cool features like using several ways to prove it’s really you (multi-factor authentication) and helping you get back into your wallet if you get locked out, using your friends (wallet social recovery).

A focus on social engagement and innovation

The app utilizes a “Keys” system, allowing users to purchase access to creators’ content and direct messaging, with transactions being made in ether. A 10% royalty fee is shared equally between Tomo and the content creator. This system is part of Tomo’s broader strategy to add financial incentives to the feedback loops already present in social media apps, thereby optimizing the value distribution between creators and fans.

One thing is clear moving forward, the company looks to be determined to integrate innovative Web3-native ideas. This shows the company’s commitment to the Web 3 ecosystem and its commitment to contributing significantly to bringing millions into the Web3 space.