Biconomy introduces $2M community grants programme to support blockchain developers

Biconomy, a multichain relayer infrastructure network, on Tuesday announced the launch of a $2 million community grants programme.

With the introduction of DAO ( Decentralised autonomous organisations ), the firm intends to roll out regular grants and rewards in the following six months with an intention to assist and encourage blockchain developers, content creators, and blockchain projects.

Biconomy was launched in the year 2019 by an international team of entrepreneurs with an intention to lower the costs of gas by roughly 40 percent. Biconomy protocol attempts to link users to decentralised applications (DApps) across different chains for lower fees and the protocol is also believed to leverage meta transactions to achieve this.

Blockchain venture capitalists, including Binance Launchpad, Coinbase Ventures, Huobi Ventures, and Mechanism Capital, have supported the platform.

Aniket Jindal co-founder of Biconomy said, "Web3 has been a technological revolution with concepts such as DeFi, NFTs, Metaverse, etc, exploring the limits of emerging technologies with the aim of changing traditional systems into modern and sustainable structures."

"Biconomy’s mission is to have a community-run mechanism and with our token launch and now this DAO, we are steadily moving towards this future. We hope to provide opportunities and uplift numerous innovative web3 ideas through this grants program,” he added.

Furthermore, the company introduced the BICO utility token on 30 cryptocurrency exchanges in 2021, including Coinbase, Binance, and WazirX, resulting in a rise of over 12,000 token users on the platform. On the platform, the token can be used for various reasons, including paying network fees and voting on protocol updates.

In July 2021, the firm had raised $9 million in a private fundraising round led by DCAM and Mechanism capital. The firm has collaborated with strategic investors including Coinfund, Coinbase, Proof Group, Bain Capital, and Ledgerprime and the firm has partnered with several decentralised applications, including the game Curve Finance, the Sapien Network, and Perpetual Protocol.