Biconomy which started out in the UAE has grown and has now raised more than 10 million USD.
Biconomy has announced on its medium page that the Blockchain entity has raises 9 million USD from leading players led by Mechanism Capital, and DACM. As Ahmed Al Balaghi stated, ” When we started Biconomy, if you told me we would be doing almost 2 million transactions per month within 1 year of the launch I would have laughed at you. But now that we are here, it feels like it’s still ‘day one’ and we have so much more to grow. Our ambition and appetite now want alot more as we execute our mission! We are determined to simplify web3.0 and onboard the next billion users. That is why I am thrilled that we have added many leading stakeholders in the space for the next leg of our journey!”
Other investors who joined the round included Coinbase Ventures, CoinFund, Proof Group, Chorus One, Ledgerprime, Huobi Global, Primitive Ventures, Genblock Capital and Rarestone Capital. In addition as well as Bain Capital, NFX, & True Ventures.
The medium post also mentions those who had invested early on in Biconomy. They include, Stani Kulechov (Aave), Hasu (Uncommon Core, Paradigm Research), Tamar Menteshashvili (Solana Labs)
Danilo Carlucci (Morning Star Ventures), Arjun Krishan Kalsy (Polygon), Ryan Berkun (Teller Finance), Ben Hauser (Curve Finance), Thegostep (Flashbots), Harsh Rajat (EPNS), Prabhakar Reddy (FalconX), Ajit Tripathi (Aave), Nate Hamilton (Moonbeam) & more.
Al Balaghi believes that Web3.0 & Dapps have to be simpler and more intuitive for mainstream adoption. As he explains, ” We started off with building a relayer network and enabling gasless meta-transactions. By late 2020 we gained product-market fit and started getting traction. We onboarded amazing partners such as Curve Finance, Zed Run, Perpetual Protocol, Decentral Games etc. By Q1 of this year, our mainnet transactions had grown by 262.27% to 290K cumulative transactions handled by our relayers for all our clients across multiple chains.”
By Q2 of 2021, mainnet transactions had grown to 3.69 million. 1.1 million transactions in May & 1.8 million in June. Biconomy has over 30 Dapps use our services.
Biconomy also launched Forward. This enabled flexible gas payment options for users. So instead of just paying gas in ETH, users could pay gas in any token, notably stablecoins. We’re excited to start pushing this new product in the coming months.
To date, Biconomy has raised $10.5 million and have processed over 3.7 million mainnet transactions, which represent a transaction volume of $572 million for over 30 live integrations on all major chains.
Their next product is hyphen which will simplify cross chain transfers. As Balaghi explains, ” We already have a testnet, an internal mainnet instance and multiple launch partners. The mainnet will be launched within weeks, and enable users to go between Ethereum & Polygon in seconds! We have been big believers in progressive decentralization since the start of our journey and a huge part of our future endeavors is to decnetralize our stack and give ownership to the community. We will be building a multi-chain relayer protocol that is decentralised, fit for purpose and removes the need for trusting Biconomy relayers. There will be multiple stakeholders that will power this network such as node operators, stakers, liquidity providers and more. The decentralized relayer protocol will form the backbone of our existing as well as future products.”
e’re a team of 14 strong (unfortunately some of our team members myself included couldn’t be a part of this recent get-together).
Let’s go Biconauts! Onwards and upwards!