Reveal, a startup focused on the mobile-social space, has raised a $1.5 million seed round. The capital event was led by Resolute Ventures, and participated in by Digital Currency Group and Boost VC, among others.
The startup’s app is notable for two things: It’s interesting, and fun question and answer format, and that the company is using a cryptocurrency, backed by its own future incomes, to reward users for their participation in the application’s community. In the future, according to Reveal, coins that users accumulate will be salable to advertisers, thereby absorbing some of those monies.
It’s actually a fun idea: The sooner you get into Reveal the more coin you pick up for using the service. It’s a neat way to incentivize early adoption.
The cryptocurrency, Reveal Coin, is similar to bitcoin, but is instead controlled by the company. Like bitcoin, there is a “limited” supply of the stuff, to quote a release from the startup.
I dug the Reveal idea, so I dragooned the founding team into TechCrunch HQ here in San Francisco to chat about the app, and figure out where the hell they got their idea.