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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.