Biconomy, a multi-chain infrastructure network for distributed applications, has closed a $ 9 million private financing round jointly led by venture firms DACM and Mechanism Capital.
Ahmed Al-Balaghi, CEO of Biconomy, said his protocol is designed to address some of the biggest challenges in Web 3.0 transactions such as gas charges, ether-only payments and fragmented Layer 2 solutions. He explained:
“If we can solve even a fraction of these challenges, we believe we can integrate the next billion users into the DeFi and wider Web3.0 ecosystem.”
Related: A future with multiple chains will accelerate innovators and entrepreneurs
Biconomy describes itself as a multi-chain relay infrastructure network that enables developers to create applications for distributed computing more easily. This project seems to focus on making decentralized finance, better known as DeFi, more accessible.
Several blockchain-focused venture funds participated in the increase, including Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Labs, and Bain Capital. The round also had contributions from various angel investors, including Aave founder and CEO Stani Kulechov.
To date, Biconomy has raised $ 10.5 million and processed a transaction volume of over $ 570 million for all of the major chains integrated into the platform.
Multi-chain projects have received significant attention lately, in part due to the accelerated growth of DeFi and the need to more easily exchange assets across multiple blockchains. As Cointeelgraph recently reported, the Layer Two scaling solution Celer Network launched the mainnet version of its cBridge multi-chain network last week.
Related: Phantom is raising $ 9 million to launch a multi-chain crypto wallet