Advanced Blockchain : helped to incubate and invested US $2 million in Composable Finance alongside Rarestone Capital - will receive tokens and expects recurring Parachain fees
June 01, 2021 at 02:59 am EDT
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DGAP-News: Advanced Blockchain AG
/ Key word(s): Cryptocurrency / Blockchain/Expansion
Advanced Blockchain AG helped to incubate and invested US $2 million in Composable Finance alongside Rarestone Capital - will receive tokens and expects recurring Parachain fees
01.06.2021 / 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 $2 million in the project through a subsidiary, leading its successful US $7 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 $7 million on a valuation basis of $35 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.
01.06.2021 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.
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Advanced Blockchain AG is a Germany-based information technology (IT) company. The Company specializes in blockchain, utilizing distributed ledger technology (DLT), while simultaneously further developing other technological solutions, such as directed acyclic graphs (DAG). The Company operates within four business fields: DLT Consultancy, which offers businesses advice on how to apply DLT to their needs and provides the necessary know-how in the implementation process; Applications, which pursues further development and commercialization possibilities of the DAG technology and includes the Company's research activities; Development for third parties, which involves creating dedicated software on order, ranging from minor business process optimizations to full renewal of the business model based on the DAG technology, and Software as a Service (SaaS), which provides decentralized data processing and hosting services in exchange for a license fee.
Advanced Blockchain : helped to incubate and invested US $2 million in Composable Finance alongside Rarestone Capital - will receive tokens and expects recurring Parachain fees