Singapore-based blockchain transaction platform Biconomy raises US$ 9M

Singapore-based blockchain transaction platform Biconomy, which builds transaction infrastructure for next-generation Web 3 applications, raised US$ 9 M in a funding round on 28 July 2021.

Investors: The funding round was led by DACM and Mechanism Capital, with participation from Coinbase, Bain Capital, Coinfund, NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Huobi Innovation Labs and Capital Partners. The round also included angel investments from Aave founder Stani Kulechov, Stephane Gosselin from Flashbots, FalconX cofounder Prabhakar Reddy and more. Biconomy has raised US$ 10.5M to date.

Purpose of the funding: The funds raised will be utilized by the company to develop its multi-chain transaction infrastructure for next-generation Web3.0 applications. It plans to decentralize its relay network, make essential technological developments, and expand its business ventures with an emphasis on community growth.

About Biconomy

Founded in 2019 by Ahmed Al Balaghi, Aniket Jindal, and Sachin Tomar, Biconomy is a relayer infrastructure network and transaction platform to reduce the friction between applications built on the blockchain and the end-users. The network comprises an SDK and dashboard that abstracts and hides many of the complexities of opening a wallet, storing private keys, paying gas and buying cryptocurrency.

Biconomy enables Web3.0 developers to easily build applications. It’s relayer network is made up of a collection of software development kits (SDKs) and APIs designed to make DeFi more accessible and understandable for everyone.

Biconomy is looking forward to launching its native token $BICO as part of decentralizing its multi-chain infrastructure which will secure the network, enable community governance and incentivize all stakeholders.

The startup claims to have processed over 3.6 million transactions representing US$ 572 million transaction volume for over 30 live integrations on all major chains.

What the co-founders have to say: “The current crypto experience is complicated. Each interaction with a decentralised application is a complicated blockchain transaction that the mainstream users don’t understand. If we are able to simplify these complexities, we believe we will be able to onboard the next billion users into the crypto ecosystem.” — Aniket Jindal, co-founder of Biconomy.

What the investors have to say: “Biconomy’s powerful plug and play SDK and APIs enable developers to offer a convenient Web3.0 experience removing many of the friction points users are currently facing. By doing this, they are removing blockchain complexities which drastically helps to reduce drop-off rates and increase user retention.” — Andrew Kang, Managing Partner at Mechanism Capital.

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