A16z Crypto Leads $14 Million Bet On Rye, New Web3 Commerce Startup From Justin Kan

Share to FacebookShare to TwitterShare to Linkedin

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.’

Kan will serve as head of sales for the new startup, which is led by CEO Arjun Bhargava, a former Reddit engineer turned repeat entrepreneur. The company is launching with $14 million in venture capital funding led by a16z crypto.

In an interview, Bhargava told Forbes that Rye will offer a one-click application programming interface, or API,