Indian blockchain firm sells crypto worth $11.5 million in first token sale

Homegrown blockchain-based transaction platform Biconomy has added 12000 new token holders on its platform through a token listing. The company became the first Indian blockchain firm to list a token on Coinlist, one of the largest token listing platforms globally, on October 6. 

The token, BICO, was listed to get the community involved in Biconomy’s transaction platform. The company said $11.5 million worth of BICO tokens were purchased through the sale, with over 850,000 users joining the waiting list. The token sale took place on October 14 with two public token sale options. The price was set at $0.25 and $0.15, respectively.

The company listed 50 million BICO tokens, which was divided into 40 million in the first round and 10 million in the second round. The two rounds attracted over 860,000 registrations, with a purchase limit being set between $100 and $1000. The company said that the first option sold out in 30 minutes, while the second option sold out in 20 minutes.

Biconomy offers a platform that simplifies transactions across different blockchain platforms, and simplifies onboarding experience for such firms. While the company began operations in 2019, the token listing is meant to help draw more computing power to its platform and help scale the network. 

“We have seen an increase in live mainnet dApp integrations, support for multiple chains and rapid growth as it pertains to daily average transactions. In addition to a number of exciting partnership announcements, we also have a series of new features in the pipeline. We look forward to growing our network and delivering a better protocol for cross chain communication that allows easy flow of value, and messages across different chains in an easy, affordable, secure and decentralised way,” said Ahmed Al-Balaghi, CEO of Biconomy.