Pip, a Web2-to-Web3 conversion project, announced Jan. 17, 2022 that it raised fresh capital in its first seed-round investment. Leading institutions in the industry reportedly participated, including Alameda Research, CMS Holdings, Coinbase Ventures, Galaxy Digital Hong Kong and Genesis Block Ventures. 

Built on Solana, Pip is known for its low fees and fast processing speeds. It enables easy use of Web3 functions on any Web2 platform through simple procedures such as browser extension installation and personal social account linkage. It plans to provide a variety of Web3 services, including the Solana tag function that increases usability by converting complex addresses to readable names, transmissions and simple payments of digital assets such as SOL and Splash (SPL) tokens, nonfungible token (NFT) sales certified with simple-notification-service accounts, and issuance of creator and community tokens.

Pip co-founder Umit Akcan said, “In particular, Pip’s goal is to help the diverse and innovative Web3-based creator-and-community economy thrive by allowing creators and communities around the world to freely and conveniently use Web2 platforms, which have existing fans and members, with no platform censorship and fees.”

Pip chief technology officer Hank Park (Han-Kyu Park) said, “In this investment round, which was conducted on a small scale to verify the direction of the project, leading institutional investors confirmed that Web3 is the upcoming future and that the direction of the project is on the right path. We are planning to proceed with additional rounds, and we plan to put in all our efforts to accelerate the Web3 era — where users, not platforms, enjoy economic benefits.”

Pip will start with a social payment function that can be used seamlessly on existing social platforms. According to the Pip team, the project’s native token, PIP, is not planned for public sale in the future. Instead, most PIP tokens will be distributed through reward farming. Anyone can receive PIP tokens by participating in reward farming through simple missions and actions that can contribute to the expansion of the Pip network from the first day of launch. In the future, functions such as token issuance and distribution for the project’s creators-and-community economy will be added, and Pip tokenholders can receive these tokens as compensation.

For more information, visit the Pip project website.