Biconomy, a multi-chain infrastructure network for decentralized applications, has closed a $9 million private funding round that was co-led by venture firms DACM and Mechanism Capital.
Ahmed Al-Balaghi, CEO of Beaconomy, said that their protocol is designed to address some of the biggest challenges with Web 3.0 transactions, such as gas fees, ether-only payments, and fragmented layer-2 solutions. he explained:
“If we are able to solve even a fraction of those challenges, we are confident that we will be able to drive the next billion users into DeFi and the wider web3.0 ecosystem.”
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Biconomy describes itself as a multi-chain relay infrastructure network that enables developers to more easily build applications for decentralized computing. The project seems to be focused on making decentralized finance, better known as DeFi, more accessible.
Several blockchain-focused venture funds participated, including Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Labs and Bain Capital. Various angel investors also contributed to the round, including Av’s founder and CEO Stani Kulekov.
To date, Beaconomy has raised $10.5 million and processed transactions in excess of $570 million across all major chains integrated with the platform.
Multi-chain projects have gained considerable attention recently, partly due to the accelerated development of DeFi and the need to more easily swap assets across multiple blockchains. As recently reported by Cointelegraph, layer-two scaling solution Celer Networks launched the mainnet version of its cBridge multi-chain network last week.
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