Press Releases

Web3’s largest Account Abstraction provider, Biconomy, receives strategic investment from Major Investors

Account Abstraction infrastructure provider Biconomy

Dubai, UAE, March 28th, 2024

Account Abstraction infrastructure provider Biconomy, which is integrated across 20 chains and more than 400 dApps, with partners including J. P Morgan, Trust Wallet, Mercedes-Benz, Animoca Brands, and Kwenta, announces today a significant milestone in its journey to empower developers with simplified UX. 

Biconomy has received strategic funding from leading web3 VCs Jump Capital, Borderless Capital, Consensys Ventures, Taisu Ventures, Manifold Trading, Side Door Ventures, and Blockchain Founders Fund, to position itself for accelerated growth as momentum returns in the crypto market.

Notable angels include prolific investors such as American entrepreneur and investor Balaji Srinivasan, and Jordi Alexander, founder of Selini Capital.

To date, Biconomy’s Account Abstraction-SDK has helped onboard more than 5M users, created more than 6.1M UserOps with almost 50% of market share in Account Abstraction transactions, while powering more than 1.5M Smart Accounts.

“Securing this important round is testament to the strength and promise of our vision to empower web3 developers to unlock mass adoption of blockchain technology,” remarked Aniket Jindal, Co-founder of Biconomy. “We remain committed to our goal of delivering market-leading infrastructure for web3 teams, and we are grateful for the trust and support of our investors.”

Recent Partnerships

J.P Morgan — Nov ’23 Onyx by J.P Morgan built a gas-abstraction solution with Biconomy’s dynamic Paymaster service that ensured all transaction gas fees were covered. Using the Sponsorship Paymaster mode to create a smart contract wallet with Biconomy, Fund Managers could easily and seamlessly deploy new funds in the form of Smart Contracts, as well as enable convenient payments in any ERC20 tokens.

Anichess Game — Jan ’24 A subsidiary of Animoca Brands, Anichess was developed in collaboration with world chess champion Magnus Carlsen. The game leverages Biconomy’s Smart Accounts and produced almost 300K on-chain gasless actions in its first 7 days of going live.

Trust Wallet — Feb ’24 Trust Wallet, the largest mobile self-custody wallet in web3, unveiled SWIFT — a smart contract wallet powered by Account Abstraction and achieved in partnership with Biconomy’s Paymaster and Bundler infrastructure, with support for 200+ tokens — to a base of 80 million users.

Mercedes-Benz — Mar ’24 Mercedes-Benz-owned innovation platform Acentrik leveraged Biconomy’s on-chain and off-chain ERC-4337 infrastructure — a UX-based standard for Account Abstraction in web3 — to build solutions for secure, low-friction, and white-label data marketplaces.

Notable Layer 2s — So far, 2024 has seen significant partnerships as Biconomy’s Account Abstraction SDK goes live on prominent Layer 2s Scroll, ZetaChain, and Blast.

About Biconomy

Biconomy is a developer platform setting UX standards for seamless blockchain transactions. Biconomy empowers the world’s best dApp developers to deliver web2-like experiences easily. As pioneers of Account Abstraction (ERC-4337), Biconomy has on-boarded more than 4M unique users across 400+ dApps while partnering with companies such as J.P. Morgan, Trust Wallet, dYdX, and Acentrik by Mercedes-Benz.


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