Funding Alert

Blockchain Developer Platform Biconomy Raises $9M Funding Led By Mechanism Capital And DACM


Biconomy, a Singapore-incorporated technology company building transaction infrastructure for blockchain applications, today announced it had raised US$9 million in a private funding round led by DACM and Mechanism Capital, with strategic investments from Coinbase, Bain Capital, Coinfund, NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Huobi Innovation Labs, and Capital Partners. The funding round also included angel investments from Stani of Aave, Hasu, Stephane Gosselin from Flashbots, Prabhakar Reddy from Falcon X, Arbitrum founders, and more. The completion of this round of financing includes participation from previous investors Woodstock Capital, Eden Block, and Zee Prime. Biconomy founded by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar aims to provide blockchain developers with a simplified transaction and onboarding experience for their applications by enabling use cases such as free-free transactions, gas payments in ERC-20 tokens, instant cross-chain transactions and easy onboarding to scaling solutions.

The startup stated that the new round of funding will enable Biconomy to further propel its multi-chain transaction infrastructure for next-generation Web3.0 applications. It will decentralise its relay network, including making essential technological developments, as well as expand its business ventures putting an emphasis on community growth. Aniket Jindal, co-founder of Biconomy, said, “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.”

Biconomy raises $9M funding featured image

Commenting on the investment, Andrew Kang, Managing Partner at Mechanism Capital, stated, “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” In addition to new funding, Biconomy is also gearing up to launch its native token $BICO as part of decentralising its multi-chain infrastructure. The native token will secure the network, enable community governance, and incentivise all stakeholders. Further details on the token haven’t been announced yet. “By enhancing developer and end-user experiences, Biconomy is paving the way for how blockchain applications are built,” said Adan D’Augelli, Partner at True Ventures. “The technology they have created will be a core infrastructure for the future of blockchain-enabled digital economies.

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