Biconomy Raises $9 Million From Private Institutions Funding

Biconomy previously secured $1.5 million in a seed round in Q4 2020, according to CEO Ahmed Al-Balaghi in an interview with Blockworks.

(From left) Biconomy founders Sachin Tomar, Aniket Jindal and Ahmed Al-Balaghi. Via the economic times.

Biconomy announced today that it has raised $9 million in a private fundraising round headed by Mechanism Capital and DACM to further expand its multichain relayer network.

A multichain relayer infrastructure network and translation platform are at the core of this two-year-old startup, which assists Web 3.0 developers in building their apps.

Coinbase Ventures, Coinfund, True Ventures, Bain Capital Ventures, NFX, Proof Group, Ledgerprime, Huobi Innovation Labs, Primitive Ventures, Genblock, and Rarestone Capital are among the investors in the round. Woodstock Fund, Eden Block, and Zee Prime Capital have also participated in this round.

Biconomy previously raised $1.5 million in a seed round in Q4 2020, according to CEO Ahmed Al-Balaghi in an email to Blockworks.

In a tweet, CEO Ahmed Al-Balaghi retweeted and announced the news.

Biconomy has funded a total of $10.5 million and completed over 3.6 million mainnet transactions, amounting to $572 million in transaction volume, for over 30 live integrations on all major chains.

According to the firm, the new round of funding would help it scale its current products, grow its community, and assure its multi-chain transaction architecture for Web 3.0 apps.

“Every crypto interaction is complicated, whether it’s simple tasks like buying and selling or complex interactions through a variety of decentralized finance contracts or applications, these are major roadblocks to mainstream adoption since most people can’t figure it out,” — Al-Balaghi.

For this ultimate achievement, Mr Al- Balaghi’s friends and colleagues congratulated him on the microblogging site.

In reply, The CEO said “Thanks” in a tweet addressing one of his team member.

Avalanche, Moonbeam, Edgeware, and Arbitrum are now Biconomy-enabled platforms, but the company will focus on the dApp ecosystem for the remainder of the year, depending on developer engagement, he said.

Biconomy’s funding follows a host of other cryptocurrency-related announcements this week, including Fireblocks, Eco, Saber Labs, Hedgehog, and Valora, the latter of which aims to make it easier for individuals to save, spend, and send cryptocurrencies.

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