Cofounded by ex-Twitch cofounder Kan and five others, Rye is promising merchants online sales at a lower cut, due to a crypto token project. A16z crypto, Solana Ventures and others have poured $14 million in, pre-launch.
Rye cofounders Robin Chan, Justin Kan, Arjun Bhargava, Saurabh Sharma, Jamie Quint and Tikhon Bernstam.Twitch cofounder Justin Kan is launching a new startup in the world of web3. Kan and four cofounders have raised $14 million for Rye, a shopping platform that will look to use crypto tokens to try to build a cheaper ‘Spotify for ecommerce.’
That’s because over the long term, Rye and its venture capital backers hope that their Rye token will become a popular — and valuable — cryptocurrency itself, used to provide participants with redeemable rewards similar to the industry’s already popular cash-back programs. Kan’s and Chan’s other web3 venture, Fractal, a gaming NFT that raised $35 million from Paradigm and Multicoin Capital, as well as Rye backers a16z crypto and Solana Labs, will be run by another team, Kan said. He and Chan will continue to invest out of Goat Capital, which backed Rye, alongside other investors Solana Ventures, Electric Ant, Electric Feel Ventures, L Catterton, former Tilt founder James Beshara and NBA veterans Andre Iguodala and JaVale McGee.
Such a “real-world” application of crypto, in this case helping merchants sell more inventory without additional cost, is part of what attracted Kan to the venture, he said. A self-proclaimed “longtime crypto skeptic,” Kan said that conversations with other entrepreneurs such as Adam Jackson, cofounder of “decentralized talent network” Braintrust, warmed him to the idea that tokenized ownership of the network — even a tiny piece — could improve on the status quo.
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