Blockchain developer platform Biconomy has secured $1.5 million in a seed funding round led by research-led European VC Eden Block, featuring Fenbushi Capital, Binance, DACM, and Outlier Ventures.
Biconomy is a relayer infrastructure network and transaction highway to reduce the friction between applications built on the blockchain and the end-users. Biconomy’s relayer network comprises of 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 said that the seed funding will enable them to strengthen and grow the team, accelerate product and business development, and launch Biconomy V2.
“The ways in which users pay and use blockchain applications needs a complete overhaul,” said Ahmed Al-Balaghi, Co-Founder and CEO at Biconomy. “Netflix does not charge its users a fee every time they watch a video, so why should dApps charge users a gas fee for every interaction? This is the vital difference between a web2 application and an over-complicated web3 one.”
Since the launch of its private beta in May 2020, Biconomy has worked with notable projects in the space, including Matic Network, Curve Finance, Idle Finance, Perpetual Protocol, Decentral Games and more.
“The Biconomy team have set out to solve some of the most important issues faced by crypto networks on the way to mass-adoption,” said Lior Messika, Founder and Managing Partner at Eden Block. “The closing of their seed round will enable the team to scale their products and deepen their impact. We are incredibly proud to be supporting Ahmed and his talented team so early in their journey.”
Biconomy also announced that the company is launching its developer program that aims to support web3 projects and build the most easy to use and interactive blockchain applications, in the most cost-effective way, to lead the way to greater mass adoption of blockchain technology.
Source: Read Full Article