Blockchain startup Biconomy raises $9 million ahead of token listing1 min read . Updated: 28 Jul 2021, 08:01 PM IST
- The company will use the funds to build new products, increase hiring and improve its infrastructure
Blockchain startup Biconomy, which was founded by Indians, has raised $9 million (approximately Rs. 67 crore) in a private funding round led by DACM and Mechanism Capital. Other investors, including American crypto exchange Coinbase and investment firm Bain Capital, have also made strategic investments in the company. Other investors who participated in the round include NFX, True Ventures, Proof Group, Ledgerprime, Primitive Ventures, Genblock, Rarestone Capital, Capital Partners, Huobi Innovation Labs, Eden Block and Zee Prime.
The startup is building a blockchain-based platform meant to simplify crypto transaction experiences. “The current crypto experience is complicated. Each interaction with a decentralized application is a complicated blockchain transaction which the mainstream users don’t understand," said Aniket Jindal, cofounder of Biconomy. “If we are able to simplify these complexities, we believe we will be able to onboard the next billion users into the crypto ecosystem," he added.
The company said it will use the funds to build new products, increase hiring and improve its infrastructure. Biconomy will also launch its native token, Bico, later this year. Its platform currently deals with apps and protocols that are built on top of an existing blockchain platform.
Biconomy was launched in 2019 and offers two products to its customers. This includes one that allows Decentralized Finance (DeFi) apps to pay gas fees on behalf of their users, while the other allows users to pay gas fees using stablecoins and the ERC-20 token that runs on the Ethereum blockchain.
The company had also raised a seed funding round of $1.5 million earlier this year, bringing its total fund raise to $10.5 million so far. The company says it has already processed transactions worth over $572 million dollars from over 30 live integrations.
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