Twitch co-founder's Web3 e-commerce platform Rye completes $14 million funding, led by a16z Crypto

ChainCatcher news, the Web3 e-commerce platform Rye has announced the completion of a $14 million funding round, led by a16z Crypto, with participation from Goat Capital, Solana Ventures, Electric Ant, Electric Feel Ventures, L Catterton, former Tilt founder James Beshara, and NBA veterans Andre Iguodala and JaVale McGee.

It is reported that Rye was founded by Twitch co-founder Justin Kan, aiming to create "the Shopify of the Web3 space." Rye will seek to reduce e-commerce costs using crypto tokens by providing participants with the cryptocurrency "Rye" (which can be used to pay transaction fees). Rye will offer a one-click application programming interface (API) for merchants to showcase some or all of their products on Rye's own marketplace. Rye will also provide developers with a product catalog to embed into their own websites and applications, which is significantly different from centralized e-commerce platforms like Amazon and Shopify. (source link)