Nader Al-Naji thinks he sees the future of decentralized social media (DeSo).
The Singapore-based company, which was previously known as Bank of Hodlers, supports over 30 cryptocurrencies and operates across over 160 countries, with a strong foothold in Europe and India.
The cryptocurrency market has experienced a huge uptick in fundraising, with blockchain start-ups raising a record $4.38 billion in Q2 of this year, according to data from CB Insights.
Prior to this round, Biconomy raised $1.5 million in a seed round back in Q4 2020, CEO Ahmed Al-Balaghi said in an interview with Blockworks.
The round included participation from Variant Fund, Jump Capital, DeFi Alliance, and Solana Foundation.
The company’s fifth fundraising, also known as “Fund V,” was oversubscribed at its $300 million hard cap with investors from around the world, the company said.
The round marks the first time a blockchain technology company has received major institutional funding from Morgan Stanley, said Carlos Domingo, co-founder and CEO of Securitize.
The San Francisco-based company raised $10 million in Series B funding in late January.
Meanwhile, Blockdaemon, the leading independent blockchain infrastructure platform, raises $28 million in Series A funding, backed by BlockFi.