Roll Raises Another $1M to Make Money Social

Oct 26, 2020 at 13:00 UTCUpdated Oct 26, 2020 at 13:14 UTC.Social money startup Roll is announcing the raising of $1 million from Fabric Ventures, IOSG, William Mougayar and others.

Launched in summer 2019, Roll allows people with followings to create their own currency and define the usefulness of that currency.

Users might be able to redeem the social currency for access to the currency's creator.

In a press release, IOSG's Joyce Lin wrote, "Roll lets each creator have the freedom to determine the rules within their social economy."

The musician Harrison First announced his social money, $FIRST, in August, promising it would allow people guest-list access when he's on tour.

One of Roll's new investors, Mougayar, gave another example.

Roll has a partnership with blockchain development platform Abridged that makes it possible to gate Discord communities with its tokens, so that only people who hold a certain one can get in.

"This is interesting because a Roll wallet is more user-friendly and more mainstream-looking in its experience."

According to the team, there's $500,000 worth of daily volume moving through the Roll system, which is now used by 250 creators, including one current member of CoinDesk staff and two alums.

"This marks a fundamental shift towards user-generated capital as the basis of evolution of the social web," Roll co-founder Sid Kalla wrote in a press release.