Biconomy, a multichain transaction network, announced Thursday that it had completed a public token sale of its BICO cryptocurrency, onboarding more than 12,500 new tokenholders in the process.
CoinList, a token listing platform, handled the public auction, which raised a total of $11.5 million. The sale attracted over 850,000 people, making it the longest queue on CoinList to date. The 40 million and 10 million BICO tokens were sold on Oct. 14 in two options.
In order to attract more developers to the community, BICO will be used to power Biconomy’s ecosystem. The multichain relayer network was created to help developers create decentralized Web 3.0 apps. Web 3.0 is a broad concept that covers the next phase of the internet’s evolution.
Following the advent of Gasless, a platform that allows DeFi apps to pay gas fees on behalf of other users. DeFi has emerged as a key use case for Biconomy. Overall, DeFi projects have a market capitalization of more than $140 billion, with a total value locked in exceeding that amount.
Biconomy’s token sale was completed three months after the company completed a $9 million funding round co-led by DACM and Mechanism Capital.
As individual and institutional investors seek to get in on the ground floor of new ventures, money continues to pour into the cryptocurrency market. Helium, a 5G blockchain network, and Solana Labs, a developer studio, raised $111 million and $314 million, respectively, in their token sales this year.