Biconomy, a startup that helps blockchain developers provide a simplified onboading and transaction experience for Web3 projects, has raised $1.5 million in a seed funding round led by Eden Block and joined by Fenbushi Capital, Binance and DACM.
Web3 applications, sometimes referred to as DApps, are built on decentralized peer-to-peer networks like Ethereum and IPFS.
However, many DApps today have complicated sign-up processes and often cost users valuable time and exorbitant network fees at every interaction, while also regularly being subject to fee volatility and network congestion that can result in transactions that fail altogether, says Biconomy.
Its answer is a plug-n-play platform which, in just three lines of code, uses Meta Transactions that allow a user to bypass these complicated processes and interact seamlessly with the blockchain, whilst ensuring transactions are completed with efficiency and reliability in both speed and cost.
Since the launch of its private beta in May 2020, Biconomy has worked with notable projects in the space, including Matic Network, Curve Finance, Idle Finance, Perpetual Protocol, and Decentral Games.
The UK-based startup plans to use its new funding to grow its team, accelerate product and business development, and launch Biconomy V2.
Ahmed Al-Balaghi, CEO, Biconomy, says: “The ways in which users pay and use blockchain applications needs a complete overhaul. 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? This is the vital difference between a web2 application and an over-complicated web3 one.”