Blockchain transaction platform Biconomy announced Monday it has secured $1.5 million in a seed funding round led by European venture capital group Eden Block.
- 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.
- “The ways in which users pay and use blockchain applications needs a complete overhaul,” said Ahmed Al-Balaghi, co-founder and CEO at Biconomy.
- “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?” he added.
- Biconomy aims 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 to support Web 3.0 projects in the near future.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.