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 digital asset fund manager DACM and investment firm Mechanism Capital, according to a company statement.
- Other investors included Coinbase Ventures, Coinfund, Huobi Innovation Labs and Stani Kulechov, founder and CEO of Aave, a decentralized finance lending protocol. Asia-based blockchain-focused venture capital firm Fenbushi Capital and cryptocurrency exchange Binance invested in Biconomy’s earlier US$1.5 million seed funding round in January.
- Biconomy 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.
- Its multi-chain relayer infrastructure network is made up of a collection of software development kits and application programming interfaces designed to make DeFi more accessible. Biconomy can be integrated with decentralized applications and digital wallets, and is platform- and blockchain-agnostic. It is one of the infrastructure providers to India-based Ethereum layer-2 solution Polygon.
- “Biconomy’s powerful plug-and-play SDK and APIs enable developers to offer a convenient Web 3.0 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.”
- Biconomy intends to deploy the fresh capital to expand its current products and business ventures. It is also gearing up to launch its native token, $BICO. Details of the token are to be announced.