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Biconomy raises $11.5m for its cross chain APIs

Teuta Franjkovic
·3-min read

Cross-chain relayer protocol, Biconomy, revealed it has completed the public sale of its native token $BICO on CoinList.

The BICO sale added more than 12,000 new token holders to the Biconomy community, with $11.5m in BICO tokens purchased throughout the course of the sale.

Only a year after participating in the CoinList seed program, Biconomy’s suite of plug & play APIs can brag with the usage by more than 70 web3.0, DeFi and NFT dApps to offer end-users gasless transactions, instant cross-chain transfers, and flexible options to pay for network fees.

Founded with the mission to make web3.0 more usable, interoperable, and composable, Biconomy has processed more than 8.2m transactions to date, with more than 120m API calls by Dapps in the BICOsystem that live on Ethereum, Polygon, Binance Smart Chain, Avalanche and Moonriver.

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The sale was highly anticipated, as more than 850K enthusiasts waited to get the chance to become part of the Biconomy ecosystem, breaking the record of one of the highest numbers of registrations on CoinList, to date.

$BICO powers the Biconomy Network, which aims to provide a simple, easy and secure protocol to enable cross-chain communication in a decentralised way.

Biconomy, currently provides three products to blockchain developers to increase the adoption of dApps, gaming dApps, and NFTs.

Paying gas fees on behalf users and in stablecoins

The first product, Gasless, allows DeFi apps to pay gas fees on behalf of their users, resulting in effortless onboarding and an improved user experience.

The second product, Forward, offers users the opportunity to pay gas fees in stablecoins and ERC-20 tokens, straying from the standard ether (ETH) option.

The final product in their suite of offerings is Hyphen, a new cross-chain superhighway that permits developers to offer near-instantaneous value transfers between Ethereum and Layer-2 solutions such as Polygon.

The $BICO token sale took place on CoinList on October 14 with two public token sale options. The token price was set at $0.25 and $0.15 respectively.

Due to the high amount of interest, the first option was sold out in 30 minutes, while the second option took just 20 minutes.

With a total of one billion $BICO tokens in supply, $BICO is the native work and governance token of Biconomy’s multi-chain relayer infrastructure. It plays a key role in decentralising the network by acting as the network fees, incentivising all stakeholders to secure and maintain the network, and participating in the network’s governance.

Ahmed Al-Balaghi, CEO of Biconomy said that the completion of Biconomy’s public token sale builds upon the great year Biconomy has had so far.

“We have seen an increase in live mainnet dApp integrations, support for multiple chains and rapid growth as it pertains to daily average transactions.

“In addition to a number of exciting partnership announcements, we also have a series of new features in the pipeline.

“We look forward to growing our network and delivering a better protocol for cross-chain communication that allows easy flow of value, and messages across different chains in an easy, affordable, secure and decentralised way,” he concluded.