The funds will be used to develop a “multichain relayer network” that provides solutions to Web 3.0 development issues.
Biconomy, a multi-chain infrastructure network for decentralized applications, has concluded a $9 million private funding round that was co-led by venture firms DACM and Mechanism Capital.Ahmed Al-Balaghi, CEO of Biconomy, said his protocol has been designed to address some of the biggest challenges with Web 3.0 transactions, such as gas fees, Ether-only payments and fragmented layer-2 solutions. He explained:“If we are able to solve even a fraction of those challenges, we believe we will be able to onboard the next billion users into the DeFi and broader web3.0 ecosystem.”Related: A multichain future will accelerate innovators and entrepreneursBiconomy describes itself as a multi-chain relayer infrastructure network that enables developers to more easily build applications for decentralized comput
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