Biconomy, a multi-chain infrastructure network for decentralized applications, has completed a $9 million private financing jointly led by venture capital companies DACM and Mechanism Capital.
Biconomy CEO Ahmed Al-Balaghi stated that his agreement aims to solve some of the biggest challenges in Web 3.0 transactions, such as gasoline fees, Ether-only payments, and fragmented layer 2 solutions. He explained:
“If we can solve a small part of these challenges, we believe we will be able to get the next 1 billion users to join DeFi and the broader web3.0 ecosystem.”
Biconomy describes itself as a multi-chain repeater infrastructure network that makes it easier for developers to build applications for decentralized computing.This project seems to focus on decentralized finance, and it’s better known Decentralized finance,more convenient.
A number of blockchain-focused venture funds participated in the financing, including Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Lab and Bain Capital.This round of financing also received contributions from various angel investors, including Stani Kulechov, founder and CEO of Aave.
To date, Biconomy has raised $10.5 million and processed transactions worth more than $570 million for all major chains integrated with the platform.
Multi-chain projects have received considerable attention recently, partly due to the accelerated growth of DeFi and the need to more easily exchange assets across multiple blockchains.As Cointeelgraph recently reported, the second-level scaling solution Celer Network launches the mainnet version of its cBridge multi-chain network last week.