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Biconomy Funds $9 Million Easing The Process of Dapp Development for Devs

Biconomy Funds $9 Million Easing The Process of Dapp Development for Devs

For beginners to the crypto realm, Web 3 can be confusing; blockchain transaction platform Biconomy is attempting to alter that.

The Funding

Biconomy said it had received $9 million in a round-headed by Mechanism Capital. Some major crypto investment companies are participating, like Coinbase Ventures, Huobi Innovation Labs, CoinFund, etc.

Additionally, the platform’s blockchain-agnostic relayer network, which includes software development kits (SDKs) and application programming interfaces (APIs), is intended to assist developers in creating simpler and more user-friendly decentralised programmes (dapps).

Biconomy’s Objective

According to Biconomy CEO Ahmed Al-Balaghi:

“The procedures necessary to interact with dapps – establishing a crypto wallet, acquiring and transferring tokens, and managing gas fees – is enough to deter many first-timers.”

Moreover, Biconomy’s objective, according to Al-Balaghi, is to make dapps more user-friendly by reducing the “friction points”. These friction points are what end-users find inconvenient, increasing user retention and attracting new users to the DeFi ecosystem.

BICO and Biconomy

Biconomy has completed over 3.6 million transactions since its inception in 2019. Presently, Biconomy has over 200 dapp integrations in the works. It has seen three key verticals emerge in its dapp portfolio, according to Al-Balaghi: DeFi, gaming, and NFT apps.

Biconomy will use some cash to decentralise its relayer network and prepare to introduce its native coin, BICO.

According to Al-Balaghi, the BICO coin would serve as both staking and governance tokens. In the fourth quarter of this year, there will be a public sale.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.