By Staff Writer
LONDON – 11th January 2021 – Biconomy, a platform that empowers blockchain developers to provide a simplified onboarding and transaction experience for their Web3 projects, has secured $1.5 Million in a seed funding round led by Eden Block, a research-led European VC, with participation from 8 other investors including Fenbushi Capital, Binance and DACM to continue its mission of reducing friction for users interacting with blockchain applications.
The recent launch of the ETH 2.0 Beacon Chain was the latest in a series of huge steps towards mass blockchain technology usage, in a year that saw giants like IBM, PayPal, Microsoft and Visa join the space, however further work is needed to simplify the Web3 user experience and drive mass adoption of blockchain tech in 2021 – Biconomy is perfectly placed to lead this charge.
“The ways in which users pay and use blockchain applications needs a complete overhaul. 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? This is the vital difference between a web2 application and an over-complicated web3 one,” said Ahmed Al-Balaghi, Co-Founder and CEO at Biconomy.
Many decentralised applications (Dapps) today have complicated sign-up processes and often cost users valuable time and exorbitant network fees at every interaction, while also regularly being subject to fee volatility and network congestion that can result in transactions that fail altogether – all of this contributes to a high new user drop-off rate.
Biconomy – a chain-agnostic, relayer infrastructure – offers a plug-n-play solution which, in just three lines of code, uses Meta Transactions that allow a user to bypass these complicated processes and interact seamlessly with the blockchain, whilst ensuring transactions are completed with efficiency and reliability in both speed and cost.
The seed funding was also secured from Outlier Ventures, Zee Prime Capital, Woodstock Capital and MiH Ventures, and angel investors including Meher Roy (Co-founder of Epicenter and Chorus One), James Simpson (CEO of mStable), Dr. Marwan Alzarouni (CEO of Dubai Blockchain Center) and more.
This funding will enable Biconomy to strengthen and grow the Biconomy team, accelerate product and business development, and launch Biconomy V2.
Since the launch of its private beta in May 2020, Biconomy has worked with notable projects in the space, including Matic Network, Curve Finance, Idle Finance, Perpetual Protocol, Decentral Games and more.
“The Biconomy team have set out to solve some of the most important issues faced by crypto networks on the way to mass-adoption. The closing of their seed round will enable the team to scale their products and deepen their impact. We are incredibly proud to be supporting Ahmed and his talented team so early in their journey.” said Lior Messika, Founder and Managing Partner at Eden Block.
Specializing in globally disruptive implementations of blockchain technology, Eden Block have been early backers of founders solving some of the hardest problems in crypto, including infrastructure layer focused companies such as Nym, Vega, and Pocket Network, as well Chainspace, which was acquired by Facebook for its digital currency project, Libra.
Next up, Biconomy is launching its developer program that aims to support web3 projects and build the most easy to use and interactive blockchain applications, in the most cost-effective way, to lead the way to greater mass adoption of blockchain technology.