Biconomy, a multichain infrastructure network for decentralized applications, has concluded a $9 meg individual funding round that was co-led by venture firms DACM and Mechanism Capital.

Ahmed Al-Balaghi, CEO of Biconomy, said his protocol has been designed to address some of the biggest challenges with Web 3.0 transactions such as gas fees, Ether-but payments and fragmented layer-two solutions. He explained:

"If nosotros are able to solve even a fraction of those challenges, we believe we will exist able to onboard the next billion users into the DeFi and broader Web 3.0 ecosystem."

Related: A multichain future will accelerate innovators and entrepreneurs

Biconomy describes itself as a multichain relayer infrastructure network that enables developers to more easily build applications for decentralized calculating. This project appears to be focused on making decentralized finance, or DeFi, more accessible.

Several blockchain-focused venture funds participated in the raise, including Coinbase Ventures, Coinfund, True Ventures, Huobi Innovation Labs and Bain Majuscule Ventures. The round besides had contributions from diverse angel investors including Aave founder and CEO Stani Kulechov.

To appointment, Biconomy has raised $10.5 one thousand thousand and has processed over $570 million worth of transaction volume for all major chains integrated with the platform.

Multichain projects take gotten considerable attention every bit of late, partly due to the accelerated growth of DeFi and the need to more than easily swap assets across multiple blockchains. Equally Cointelegraph recently reported, layer-two scaling solution Celer Network launched the mainnet version of its cBridge multichain network last calendar week.

Related: Phantom raises $9M to launch multichain crypto wallet