- Blockchain developer tools provider Biconomy has raised $ 1.5 million as a seed fund. Type; Binance Labs was led by Eden Block with the participation of Fenbushi Capital and Digital Asset Capital Management (DACM) and other key actors.
Blockchain developer tools provider Biconomy has raised $ 1.5 million as a seed fund. Type; Binance Labs was led by Eden Block with the participation of Fenbushi Capital and Digital Asset Capital Management (DACM) and other key actors.
Blockchain tools platform Biconomy is preparing for version two
With the new capital, Biconomy plans to expand its team and launch a second version of its platform in the coming months.
As a Blockchain infrastructure provider, Biconomy is helping developers build simpler decentralized applications (dApps) to increase the mass adoption of crypto. “We’re eliminating friction for blockchain developers so their end users are more likely to use a dApp,” CEO Ahmed Al-Balaghi told The Block. said.
One of these frictions is paying GAS fees or Ethereum transaction fees. Al-Balaghi said that Netflix does not charge its users for AWS (Amazon Web Services) fees for every video they watch, so why dApps should charge users a GAS fee for each transaction. Al-Balaghi said that while Netflix has subscription plans, users do not have to go through a fee payment process at a time.
For this reason, we allow Blockchain developers to pay GAS fees on behalf of their users. This helps to optimize the GAS fee. Essentially, what we do is that we are not always making the fastest transaction and also using GAS tokens.
GAS charges are emphasized
Al-Balaghi said that they have also launched the V2 of their platform, which will have a feature called “Forward” that will help grouping transactions and pay GAS fees in stablecoins to further optimize GAS fees. To this end, the company’s CEO said that Biconomy is hiring engineers and plans to expand its existing eight-person team to around 13 in the coming months.
“Improving UX (user experience) is an important element of further accelerating the adoption of DeFi and other blockchain use cases,” said Richard Galvin, DACM CEO, that Biconomy’s solutions “reduce transaction friction while also spending more on developer teams. he said he released it for ”.
Biconomy’s tools include Curve Finance, Idle Finance, Perpetual Protocol and Decentral Games, among others. Al-Balaghi said the firm wants to be involved in more projects with the V2 launch.