Biconomy raises $ 11.5 million through a token sale on CoinList

The multi-chain transaction network Biconomy has completed the public sale of its BICO cryptocurrency. That brings more than 12,500 new token holders into the process, the company announced on Thursday.

The public sale, made possible by the token trading platform CoinList, raised a total of $ 11.5 million. More than 850,000 people signed up for the sale, which was the longest waiting list on CoinList to date. The sale took place on October 14th through two options of 40 and 10 million BICO tokens respectively.

The BICO cryptocurrency is used to boost the biconomy ecosystem to attract more developers to the community. The so-called multi-chain repeater network was developed to help developers create decentralized applications for the Web 3, a broad term that describes the next phase in the evolution of the Internet.

Biconomy raises $ 11.5 million through a token sale on CoinList
Biconomy raises $ 11.5 million through a token sale on CoinList

Decentralized finance or DeFi has become an important use case for Biconomy after the introduction of Gasless. a product that enables DeFi applications to pay gas tariffs on behalf of other users. Overall, DeFi projects have amassed a combined market cap of over $ 140 billion, with the total value exceeding that amount.

DeFi is one of the most promising use cases for blockchain technology. At the time of writing, the DeFi sector had secured a total value of more than $ 235 billion. Source: DeFiLama

The sale of biconomy tokens was completed three months after the company closed Investment round of USD 9 million Jointly managed by venture firms DACM and Mechanism Capital.

Capital continues to flow into the cryptocurrency market as private and institutional investors seek to step into the foundation for emerging projects. Some of the biggest token sales of the year are the 5G helium blockchain network and development studio Solana Labs, which grossed $ 111 million and $ 314 million, respectively.

Similar Posts