Blockchain empowering developer protocol Biconomy raised $1.5 M in the financial backing first stage, organized by venture house Eden Block.
Related: WBTC and WETH Now are on TronThere were eight more contributors taking part in the phase. Blockchain-centered venture capital organization Fenbushi Capital, crypto trading market Binance, and DACM (Digital Asset Capital Management) were among participants.
Biconomy is going to use these funds to expand its team and introduce version 2 of the platform within a few months.The CEO and co-founder of the enterprise Ahmed Al-Balaghi says blockchain apps need a full remodeling. He doesn't agree with the current fee system of trades. Biconomy enables engineers to pay gas fees in place of their users, thus optimizing the fees. According to Al-Balaghi, the protocol uses gas tokens and the fastest transaction isn't their primary goal.
Biconomy allows building simpler decentralized apps (dApps) to increase crypto's mass adoption. DeFi projects practicing Biconomy's tools are Curve Finance, Idle Finance, Perpetual Protocol, Decentral Games, etc. The company intends to cooperate with more projects when the V2 launches.