Biconomy raises $1.5 million from Eden Block and Binance

Venture firm Eden Block led the seed round conducted by Biconomy, a platform for working with decentralized applications (dapps). The project raised $1.5 million at the seed stage.

BREAKING: we’re incredibly proud to announce we’re leading the @biconomy $1.5M seed round and back its amazing team#blockchain #transactions #VC #venturecapital #cryptocurrencies @CoinDesk https://t.co/EU6qK4sz1G

— Eden Block (@eblockventures) January 11, 2021

The Biconomy platform is designed to simplify interaction with dApp protocols by removing the need for gas and expanding developers’ capabilities.

Eight other investors also participated in the round, including Fenbushi Capital, a blockchain-focused venture firm, the cryptocurrency exchange Binance, and the digital asset management firm DACM.

According to CoinDesk, the project team will deploy the funds to further work, hire new staff, and launch Biconomy V2.

In 2020, the total value of transactions in dapps increased by 1178% and reached $270 billion.

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