Biconomy, a multichain infrastructure network for decentralized applications, has concluded a $9 million private funding round that was co-led by venture firms DACM and Mechanism Capital.
Ahmed Al-Balaghi, CEO of Biconomy, said his protocol has been designed to address some of the biggest challenges with Web 3.0 transactions such as gas fees, Ether-only payments and fragmented layer-two solutions. He explained:
“If we are able to solve even a fraction of those challenges, we believe we will be able to onboard the next billion users into the DeFi and broader Web 3.0 ecosystem.”
Related: A multichain future will accelerate innovators and entrepreneurs
Biconomy describes itself as a multichain relayer infrastructure network that enables developers to more easily build applications for decentralized computing. This project appears to be focused on making decentralized finance, or DeFi, more accessible.
Several blockchain-focused venture funds participated in the raise, including Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Labs and Bain Capital Ventures. The round also had contributions from various angel investors including Aave founder and CEO Stani Kulechov.
To date, Biconomy has raised $10.5 million and has processed over $570 million worth of transaction volume for all major chains integrated with the platform.
Multichain projects have gotten considerable attention as of late, partly due to the accelerated growth of DeFi and the need to more easily swap assets across multiple blockchains. As Cointelegraph recently reported, layer-two scaling solution Celer Network launched the mainnet version of its cBridge multichain network last week.
Related: Phantom raises $9M to launch multichain crypto wallet