Biconomy raises $9 Million to simplify blockchain transactions

Karthik Subramanian

Biconomy, a blockchain transaction platform, has announced a private funding raise of $9 million to expand and upgrade its platform that focuses on simplifying Web 3.0 by improving the transaction experience in this layer.

blockchain

The funding round was led by DACM and Mechanism Capital along with other investors like Coinbase Ventures, CoinFund, and others. The new funding is expected to be used by the company to scale its products and also grow its infrastructure.

“The plethora of bottlenecks of Web3.0 transactions, such as gas fees, ETH-only payments, complicated onboarding processes, and fragmented L2s along with a booming multichain ecosystem emerging have created major challenges for blockchain adoption,” said Ahmed Al-Balaghi, CEO of Biconomy. “If we are able to solve even a fraction of those challenges, we believe we will be able to onboard the next billion users into the DeFi and broader web3.0 ecosystem.”

The main use case for Biconomy is that it tries and simplifies the interaction between the user and Web 3.0 applications. User adoption has been low so far due to the fact that it is not user-friendly and users also have confusing transaction experiences. Biconomy tries to solve this problem by facilitating easy access to decentralised blockchain transactions and also create seamless multi-chain interactions.

“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,” said Andrew Kang, Managing Partner at Mechanism Capital. “They are abstracting away blockchain complexities for applications end-users which drastically helps to reduce drop-off rates and increase user retention.”

The company has raised $10.5 million so far and reports that it has processed over 3.6 million transactions on the mainnet and a transaction volume of over $572 million. The company expects to grow exponentially in the coming months with this funding. It also plans to launch its own native token to help secure the network and also enable community governance in due course of time.

The blockchain industry does need a lot of disruption to take it to the mainstream users and it is likely that the time is now. Various teams and developers have built out a solid infrastructure that will ensure that the ecosystem stays strong even when something wrong happens and now that this foundation has been well laid out, it is time to take it to the mainstream users and bring in adoption.

Read this next

Retail FX

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

<