Monday, January 17, 2022
Home Latest News Blockchain Biconomy Raises $1.5M in Seed Funding for Bid to Simplify Blockchain Transactions

Biconomy Raises $1.5M in Seed Funding for Bid to Simplify Blockchain Transactions

On Monday, Blockchain transaction platform Biconomy announced that it has secured $1.5 million in a seed funding round led by European venture capital group Eden Block.

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.

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