Biconomy, a multi-chain infrastructure network for distributed functions, has closed a non-public $ 9 million financing round collectively led by enterprise companies DACM and Mechanism Capital.

Ahmed Al-Balaghi, CEO of Biconomy, mentioned his protocol is designed to resolve a few of the greatest challenges in Web 3.0 transactions, corresponding to fuel fees, ether-only funds and layer 2 fragmentation options.

“If we can address even a small fraction of these challenges, we believe we can bring the next billions of users into the wider DeFi and Web3.0 ecosystem.”

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Biconomy describes itself as a multi-chain infrastructure network that permits builders to create functions for distributed computing extra simply. This mission appears to give attention to making decentralized finance, also referred to as DeFi, extra accessible.

Several blockchain-focused VCs participated within the funding round, together with Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Labs and Bain Capital. The round additionally included contributions from numerous angel buyers, together with Aave founder and CEO Stani Kulechov.

To date, Biconomy has raised $ 10.5 million and processed a trading quantity of over $ 570 million for all the main chains built-in into the platform.

Multi-chain tasks got here into the highlight fairly late, partially due to DeFi’s speedy development and the necessity to extra simply alternate belongings throughout a number of blockchains. As Cointeelgraph just lately reported, the Layer 2 scaling answer Celer Network launched the mainnet model of its multi-chain network cBridge final week.

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