Biconomy, a blockchain firm founded by Indians in 2019, has recently raised a whopping $9 million, which amounts to around Rs. 67 crores. The company raised funds in a Mechanism Capital and DACM-led private funding round. Some of the most well-known names to have invested in the company include Bain Capital, an investment firm, and Coinbase, an American cryptocurrency exchange. Other notable investors in Biconomy include Proof Group, Primitive Ventures, Zee Prime, NFX, Rarestone Capital, True Ventures, Ledgerprime, Huobi Innovation Labs, Capital Partners, and Eden Block.
Biconomy is currently developing a blockchain-based platform for simplifying experiences related to cryptocurrency transactions. According to one of the company’s co-founders, Aniket Jindal, the company is trying to work around the complications that presently plague the cryptocurrency experience for mainstream users. However, once the company’s platform is up and running, Jindal expects a whopping billion users to make their entry into the cryptocurrency ecosystem.
It seems likely that the recent round of funding will benefit the company in improving its infrastructure, increasing hiring, and building new products. The company is also set to launch, Bico, its native token, later in 2021.
At present, Biconomy offers its customers only two products, which are meant to pay gas fees. While one works via DeFi apps, another works via ERC-20 token and stablecoins. Apart from the $9 million funding, Biconomy also raised $1.5 million in a seed funding round in early 2021. According to claims made by the company’s representatives, transactions amounting to more than $572 million dollars have been processed by Biconomy from more than 30 live integrations.