ADVANCED BLOCKCHAIN AG
EQS-News: Advanced Blockchain AG
/ Key word(s): Expansion/Cryptocurrency / Blockchain
Advanced Blockchain´s portfolio company with a major breakthrough
05 October 2023 - Advanced Blockchain AG (Scale Frankfurt, primary market Düsseldorf, XETRA: ISIN DE000A0M93V6), a leading incubator, architect and investor for the blockchain industry, announces today that its portfolio company, Composable Finance, successfully launched an innovative bridge connecting Ethereum, Polkadot and Cosmos for the very first time allowing native cryptocurrency tokens to be transferred and used directly on other chains. Ethereum is the world´s second-largest cryptocurrency by market cap, after Bitcoin.
Simon Telian, CEO of Advanced Blockchain, comments: “We are extremely excited about this major breakthrough. Just few years ago, when we had the vision with Composable to solve interoperability, we would not have thought where we would stand today. Solving interoperability is huge in any case but being able to build a bridge that now connects the largest smart contract driven network Ethereum with a market cap of USD200 billion and currently more than USD5 billion in daily trading volume, is a game changer. It allows users to seamlessly transfer and use ETH on Polkadot and Cosmos and is expected to massively drive transaction volumes. The high usage we expect for this product should soon confirm its importance and will start generating increasing transaction fees for the Composable protocol with the potential to generate 7 figures of revenue monthly.”
The innovation was presented yesterday at the Cosmoverse conference in Istanbul. It brings multiple advantages to all parties, including institutions, investors, developers, end-users, and existing protocols within Ethereum, Polkadot, and Cosmos. Investors will for example benefit from an expansion of asset portfolios with reduced cross-ecosystem risks. End-users will be able to initiate transactions securely with the trust-minimised, non-custodial advantages of the IBC protocol. Additionally, Ethereum users will have the opportunity to explore Polkadot & Cosmos-based applications and vice-versa. All parties will benefit from a boost in liquidity, the collaboration through open governance proposals, and thus new opportunities to users in a more liquid, interconnected, and diverse market.
Additionally, Composable Finance team has officially announced the formal establishment of Composable as a Foundation in Switzerland, solidifying its pivotal role in advancing the Composable and Picasso protocols. The newly established structure is designed to provide a well-regulated operating environment, set to bring advantages to all Composable supporters and stakeholders. Among the board members are prominent figures in the blockchain industry, including Florian Reike and Charles Read (Founding Partnert at Rarestone Capital), to name a few. Contact:
About Advanced Blockchain AG: For more information about Advanced Blockchain AG, its various projects, and investments, please visit https://www.advancedblockchain.com/.
05.10.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| 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 (Scale), Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1742317 |
| End of News | EQS News Service |
1742317 05.10.2023 CET/CEST
