To support blockchain developers, Biconomy introduces $2M community grants programme
- ByStartupStory | April 6, 2022
On Tuesday, a multichain relayer infrastructure network, Biconomy, announced the launch of a $2 million community grants programme.
In the following six months the firm intends to roll out regular grants and rewards with an intention to assist and encourage blockchain developers, content creators, and blockchain projects, with the introduction of DAO (Decentralised autonomous organisations).
With an intention to lower the costs of gas by roughly 40 percent, Biconomy was launched in the year 2019 by an international team of entrepreneurs. To decentralised applications (DApps) across different chains for lower fees and the protocol is also believed to leverage meta transactions to achieve this has been attempted by Biconomy protocol to link users.
Blockchain venture capitalists, including Binance Launchpad, Huobi Ventures, Coinbase Ventures, and Mechanism Capital, have supported the platform.
Furthermore, resulting in a rise of over 12,000 token users on the platform, the company introduced the BICO utility token on 30 cryptocurrency exchanges in 2021, including Coinbase, Binance, and WazirX. The token can be used on the platform for various reasons, including voting on protocol updates and paying network fees.
In a private fundraising round led by DCAM and Mechanism capital, the firm had raised $9 million, in July 2021. The firm has collaborated with strategic investors including Coinfund, Bain Capital, Coinbase, Proof Group, and Ledgerprime and the firm has partnered with several decentralised applications, including the Sapien Network, the game Curve Finance, and Perpetual Protocol.
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