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DGAP-News: Advanced Blockchain AG / Key word(s): Cryptocurrency / Blockchain/Expansion Advanced Blockchain AG helped to incubate and invested US USD2 million in Composable Finance alongside Rarestone Capital - will receive tokens and expects recurring Parachain fees 2021-06-01 / 08:57 The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Advanced Blockchain AG (Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) is continuing to invest in and develop Composable Finance (https://www.composable.finance). Advanced Blockchain has helped with incubating Composable alongside Rarestone Capital, and invested US USD2 million in the project through a subsidiary, leading its successful US USD7 million funding round. From this investment Advanced Blockchain expects, in addition to an increase in the value of the investment, an ongoing revenue stream in the future. Composable intends to get a Parachain slot on the Polkadot blockchain. Through its subsidiaries, Advanced Blockchain AG incubated Composable Finance on the technical side and provided intellectual property for Composable, which is creating a novel infrastructure to unlock widespread interoperability within the decentralized finance field. This incubation was completed alongside top-tier Web 3.0-focused venture capital firm Rarestone Capital (https://rarestone.capital), which assisted with product strategy and rollout for Composable Finance. Subsequently, Advanced Blockchain also invested into Composable through one of its subsidiary companies. Advanced Blockchain will receive 5.7 million Composable Tokens as Seed-Investor, which have various utilities on the Composable platform. Further, Advanced Blockchain could benefit from the parachain Composable aims to secure, which is a segment of the overall Polkadot blockchain ecosystem that can represent significant value. Additionally, Advanced Blockchain will be able to utilize the Composable parachain for its own projects, which provides a rare and valuable opportunity for new functionalities related to cross-blockchain interoperability. Use of the parachain in this manner also benefits Composable - maintaining a parachain requires users to build on it and pay fees. The project was able to reach its initial funding goal of USD7 million on a valuation basis of USD35 million. In addition to Advanced Blockchain, many other notable investors invested in the project, including Divergence Ventures, New Form Capital, DFG, Maven 11, 4SV, Hypersphere Ventures, Blockchain Capital, PNYX Ventures, CMS Holdings, Alameda Research, SOSV, Spartan Group, LedgerPrime, LongHash Ventures, Cluster, and Pluto Digital Assets. Additional information on Advanced Blockchain AG and its other projects and investments can be found at www.advancedblockchain.com. =---------------------------------------------------------------------------------------------------------------------- 2021-06-01 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de =---------------------------------------------------------------------------------------------------------------------- Language: English Company: Advanced Blockchain AG Scharnhorststraße 24 10115 Berlin Germany Phone: +4930403669510 Fax: 030403669511 E-mail: info@advancedblockchain.com Internet: www.advancedblockchain.com ISIN: DE000A0M93V6 WKN: A0M93V Listed: Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt, Munich, Stuttgart, Tradegate Exchange EQS News ID: 1202907 End of News DGAP News Service =------------
1202907 2021-06-01
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(END) Dow Jones Newswires
June 01, 2021 02:58 ET (06:58 GMT)
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