Biconomy Raises $11.5M in CoinList Sale for Its Cross Chain APIs

Announcements, Blockchain, Investing, News | October 28, 2021 By:

Multichain relayer network Biconomy has raised $11.5 million in a CoinList token sale for its network token $BICO.

Biconomy, which launched in 2019, currently provides three products to blockchain developers to increase the adoption of dApps, gaming dApps, and NFTs. The first product, Gasless, allows DeFi apps to pay gas fees on behalf of their users, resulting in effortless onboarding and 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 which 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. The total amount of available tokens for the sale was 50M BICO tokens, which was divided into 40M in the first round and 10M in the second round. The two rounds attracted over 860,000 registrations with the purchase limit being set between $100 and $1000. 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 decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance.

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