Biconomy offers plug-and-play APIs that relay transactions between layer 1 blockchains and layer 2 systems to make developing decentralized apps easier. The protocol enables gasless transactions and instant cross-chain transfers and is used by more than 70 Web3, DeFi and NFT dapps. To date it has processed more than 8.2 million transactions across Ethereum, Polygon, Binance Smart Chain, Avalanche and Moonriver. Financially, Biconomy raised $11.5 million through a public sale of its native token BICO on CoinList. The company previously raised $9 million in July from investors including Coinbase Ventures and Huobi Innovation Labs. The CoinList sale attracted more than 860,000 registrations and added 12,000 new token holders. Biconomy provides multichain transaction infrastructure and plug-and-play SDKs and APIs to simplify blockchain onboarding and user transactions. Its offerings enable gasless transactions, gas payments in ERC20 tokens and instant cross-chain transactions to reduce friction for end users. The company aims to create seamless multichain experiences that make Web 3.0 applications easier to use and help onboard more users. Biconomy says it has processed more than 3.6 million mainnet transactions representing $572 million in transaction volume across more than 30 live integrations on major chains. The startup plans to scale its products and ensure its infrastructure is ready for next-generation Web 3.0 applications. Founded in 2019, Biconomy has seen solid growth and has raised $10.5 million to date. Biconomy is a blockchain infrastructure provider that helps developers build simpler decentralized applications (dApps) by paying gas fees on their behalf through transaction relayers. Developers reimburse Biconomy via Ethereum or other payment modes. Founded in March 2019 by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar, the company aims to make dApp adoption as simple as conventional apps. It plans to use its newly raised capital to strengthen and grow its team, accelerate product and business development, and to launch Biconomy V2. CEO Ahmed Al-Balaghi has argued that charging users gas fees for every interaction is a key barrier to mass adoption of web3.

Total raised

$22M

Funding rounds

3

Latest round

Initial Coin Offering

Latest activity

Oct 2021