As reported by Coindesk, eight other investors participated in the round, including blockchain-focused venture capital firm Fenbushi Capital, cryptocurrency exchange Binance and digital asset fund manager DACM.
The seed funding will be used to develop ways of reducing friction for users interacting with blockchain applications, to bring on new staff members and launch the next iteration of the platform, Biconomy V2.
Ahmed Al-Balaghi, co-founder and CEO at Biconomy stated:
“The ways in which users pay and use blockchain applications needs a complete overhaul.”
He also added that “Netflix does not charge its users a fee every time they watch a video, so why should dApps charge users a gas fee for every interaction?”
Biconomy plans to enable blockchain developers to provide a simplified onboarding and transaction experience for users of Web 3.0 and blockchain projects.
The company will be launching a developer program in order to support Web 3.0 projects in the foreseeable future.
