Biconomy raises USD 1.5 million; aims to streamline Web3 experience

Biconomy raises USD 1.5 million; aims to streamline Web3 experience

Biconomy, a platform that supports blockchain developers to provide a simplified and streamlined onboarding and transaction experience for Web3 projects, has reportedly announced raising funds of USD 1.5 million in a funding round which was led by Eden Block and joined by DACM, Binance, and Fenbushi Capital. For the record, Web3 applications, often referred to as DApps, are generally built on decentralized peer-to-peer networks lie IPFS and Etherum.

The novel move comes on the heels of DApps’ complicated sign-up procedures, expanded time consumption, and exorbitant network fees at every interaction. Moreover, these are also being regularly subjected to fee volatility and network congestion which may or may not result into transactions that fail together.

In this case, the company has laid down its plan on upgrading the experience with a plug-n-play which makes use of Meta transaction that allows user to bypass such complicated processes and interact seamlessly with blockchain. In line with this, it would also make sure that the transactions are completed with utmost reliability and efficiency in both cost and speed.

Speaking of the new initiative, Ahmed Al-Balaghi, CEO of Biconomy, cited that the ways in which users pay and make use of blockchain applications call in for a complete overhaul. He elaborated that the company is following the trace of Netflix, which does not charge its users a fee every time they watch a video. That said, the company is trying to cut on the charges DApps users have to pay for every interaction through the funding raised.

Reports have it that Biconomy plans to use the new funding to grow its team, accelerate the business and product development and plan to unveil Biconomy V2. Ever since its inception, the company has worked with prominent projects in the space such as Matic Network, Idle Finance, Decentral Games, and Perpetual Protocol.

Source Credit: https://www.finextra.com/newsarticle/37239/biconomy-raises-15m-to-simplify-web3-experience