Announcing our $9 million raise!
When we started Biconomy, if you told me we would be doing almost 2 million transactions per month within 1 year of the launch I would have laughed at you. But now that we are here, it feels like it’s still ‘day one’ and we have so much more to grow. Our ambition and appetite now want A LOT more as we execute our mission! We are determined to simplify web3.0 and onboard the next billion users. That is why I am thrilled that we have added many leading stakeholders in the space for the next leg of our journey!
I am happy to announce our $9 million raise from leading players in the space! Couldn’t be more excited to have Mechanism Capital and DACM to co-lead this round. Other investors joining the round include Coinbase Ventures, CoinFund, Proof Group, Chorus One, Ledgerprime, Huobi Ventures Blockchain Fund, Primitive Ventures, Genblock Capital and Rarestone Capital. In addition, we are also thrilled to get mainstream investors on board such as Bain Capital, NFX, & True Ventures.
The crypto space is unique in that most folks truly want to help you. We have been privileged to have the support of so many amazing leaders in the industry. Some of these are now also angel investors in Biconomy! They include:
- Stani Kulechov (Aave)
- Hasu (Uncommon Core, Paradigm Research)
- Tamar Menteshashvili (Solana Labs)
- Danilo Carlucci (Morning Star Ventures)
- Arjun Krishan Kalsy (Polygon)
- Ryan Berkun (Teller Finance)
- Ben Hauser (Curve Finance)
- Thegostep (Flashbots)
- Harsh Rajat (EPNS)
- Prabhakar Reddy (FalconX)
- Ajit Tripathi (Aave)
- Nate Hamilton (Moonbeam)
- Ryón Nixon (Horizons Law and Consulting) & more.
Our Journey so far
We started with the same thesis that we still firmly believe in. Web3.0 & Dapps have to be simpler and more intuitive for mainstream adoption. We started off with building a relayer network and enabling gasless meta-transactions. By late 2020 we gained product-market fit and started getting traction. We onboarded amazing partners such as Curve Finance, Zed Run, Perpetual Protocol, Decentral Games etc. By Q1 of this year, our mainnet transactions had grown by 262.27% to 290K cumulative transactions handled by our relayers for all our clients across multiple chains.
We continued onboarding more projects. Our community of Biconauts grew as well. More and more developers now consider us as an essential infrastructure pillar of great user-friendly Dapps. By Q2 of this year, our mainnet transactions had grown to 3.69 million. We did 1.1 million transactions in May & 1.8 million in June. Now, over 30 Dapps use our services!
As we are always looking to simplify the transaction experience, we launched Forward. This enabled flexible gas payment options for users. So instead of just paying gas in ETH, users could pay gas in any token, notably stablecoins. We’re excited to start pushing this new product in the coming months.
To date, we have raised a total of $10.5 million and have processed over 3.7 million mainnet transactions, which represent a transaction volume of $572 million for over 30 live integrations on all major chains.
What’s next?
Our next product, Hyphen, is going to simplify cross-chain transfers. We already have a testnet, an internal mainnet instance and multiple launch partners. The mainnet will be launched within weeks, and enable users to go between Ethereum & Polygon in seconds!
We have been big believers in progressive decentralisation since the start of our journey and a huge part of our future endeavors is to decentralise our stack and give ownership to the community. We will be building a multi-chain relayer protocol that is decentralised, fit for purpose and removes the need for trusting Biconomy relayers. There will be multiple stakeholders that will power this network such as node operators, stakers, liquidity providers and more. The decentralized relayer protocol will form the backbone of our existing as well as future products. Finally, we would also be launching our $BICO to secure the network, enable community governance and incentivize all stakeholders. More on our token, token economics and whitepaper soon!
Want to get involved?
We are aggressively hiring across departments. If you want to be part of building the future of the internet, check out our openings.
We are also going to get our community involved in various capacities. As a web3.0 project ourselves, we believe in the power of communities. So join our discord, and stay tuned for more information on how you can contribute to Biconomy!
If you are a Dapp that wants to bring a seamless experience to your product by integrating Biconomy, let’s chat! Please reach out to @Ahmedbalaghi or @nodevestor on Telegram.
Finally, I wanted to show you the awesome people behind everything we’re doing at Biconomy.
We’re a team of 14 strong (unfortunately some of our team members myself included couldn't be a part of this recent get-together).
Let's go Biconauts! Onwards and upwards!
