Multichain Web3 firm launches $2m community grants program

Singapore-headquartered Biconomy, a Web3 multichain transaction relaying platform, has announced a community grants program worth US$2 million to help accelerate Web3 adoption.

Photo credit: Biconomy

The firm aims to support budding blockchain developers, content creators, and projects through the grant, which will be rolled out over the next six months. The grant comes from Biconomy’s decentralized autonomous organization (DAO).

Biconomy said the DAO will allow holders of BICO, the native work-and-governance token of its multichain relayer protocol, to participate in the decision-making process for various matters, including fund utilization. The token holders can also participate in open discussions and create proposals to further improve the Biconomy ecosystem.

Besides the rollout of grants and bounties, the DAO will also focus on forming a robust multichain infrastructure with user-friendly decentralized applications (dApps). The startup added that it is also planning to support Web2 brands looking to embrace Web3.

Biconomy was launched in 2019 by Aniket Jindal, Ahmed Al-Balaghi, and Sachin Tomar.

Jindal and Al-Balaghi previously served as advisors at Polygon, a decentralized Ethereum-scaling platform. Tomar was a senior software engineer at MakeMyTrip, an online travel company.

Biconomy aims to offer seamless decentralized blockchain interactions through use cases like instant cross-chain transactions, easy deployment of scaling solutions, and gasless transactions.

Last October, the company launched the BICO token on Coinbase, Binance, WazirX, and 30 other crypto exchanges. To date, it has onboarded more than 12,000 token holders.

Biconomy’s multichain relayer infrastructure has facilitated 16 million transactions worth US$1.3 billion since its inception, according to the company website.

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“We hope to provide opportunities and uplift numerous innovative Web3 ideas through this grants program,” Jindal said in a statement.