Categories: Blockchain

Multi-chain infrastructure network Biconomy closes $ 9 million investment round

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.”

(*9*)Related: (*9*)A multi-pronged future that may spur innovators and entrepreneurs

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.

(*9*)Related: (*9*)Phantom raises $ 9 million to launch a multi-chain crypto pockets

.

.

CoinX

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

60 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.