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Biconomy Raises $1.5M in Seed Funding for Bid to Simplify Blockchain Transactions
Biconomy aims to enable blockchain developers to provide a simplified onboarding and transaction experience for users of Web 3.0 and blockchain projects.
Blockchain transaction platform Biconomy announced Monday it has secured $1.5 million in a seed funding round led by European venture capital group Eden Block.
STORY CONTINUES BELOW
- Eight other investors participated in the round, including blockchain-focused venture capital firm Fenbushi Capital, cryptocurrency exchange Binance and digital asset fund manager DACM.
- The seed funding will be used to develop ways of reducing friction for users interacting with blockchain applications, to bring on new staff members and launch the next iteration of the platform, Biconomy V2.
- “The ways in which users pay and use blockchain applications needs a complete overhaul,” said Ahmed Al-Balaghi, co-founder and CEO at Biconomy.
- “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?” he added.
- Biconomy aims to enable blockchain developers to provide a simplified onboarding and transaction experience for users of Web 3.0 and blockchain projects.
- The company will be launching a developer program to support Web 3.0 projects in the near future.
Read more: Binance Labs Leads $12M Funding Round for Multi-Asset Wallet Developer MATH
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
