DGAP-News: Advanced Blockchain AG
/ Key word(s): Cryptocurrency / Blockchain/Expansion
Advanced Blockchain AG Helped Facilitate First Private Sale for Pendulum, Receiving 5.5% of Token Supply in return for ongoing support of the PEN token launch
02.11.2021 / 09:31
The issuer is solely responsible for the content of this announcement.
Advanced Blockchain AG (Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) was able to help successfully facilitate a fundraise for Pendulum via its subsidiary, which raised $5 million. For these efforts and the ongoing support of the PEN token launch, Advanced Blockchain will receive 5.5% of the future supply of Pendulum's native PEN Token supply. Currently, the valuation is at a network value of $25m.
Pendelum is a project building a smart contract compatible solution with focus on fiat collateral stablecoins for the Stellar blockchain network (
https://www.stellar.org/). Ultimately, Pendulum aims to bridge the Stellar network and its fiat tokens to the growing decentralized finance (DeFi) ecosystem. The Stellar network is an open blockchain capable of efficiently storing and moving digital assets. This network stands out among other blockchains for its ability to optimally facilitate digital asset transfers, and its strong connection between traditional and decentralized finance. This strength stems from the network holding a multitude of fiat currencies and stablecoins as well as its compliant on- and offramps.
Despite its many benefits, Stellar is unable to run smart contracts, largely precluding it from participating in the decentralized finance (DeFi) industry. Further, it is cut off from Ethereum and other chains, which host the majority of the present DeFi ecosystem.
To remedy this, Pendulum was created. Pendulum is a layer 1 (L1) solution that will be able to run smart contracts which can connect to other networks. This ability to connect will allow Stellar's users to have access to the broader DeFi economy and its many financial opportunities.
To start, Pendulum is building bridges between itself and Stellar, Ethereum, and Polkadot. This means the Ethereum and Polkadot networks will be able to communicate with Stellar by using Pendulum as a gateway. The platform for this L1 is augmented by its native PEN utility token, which acts as a payment for gas fees and a method for validator nodes to stake and participate in the Pendulum network.
Pendelum was created by the SatoshiPay team, led by Meinhard Benn, an experienced leader and innovator in the decentralized finance space. In addition to being the CEO at Pendulum, he is also the CEO of SatoshiPay, which offers solutions for business-to-business cross-border digital asset transfers and frictionless micropayment processing through its blockchain-based instant payments platform. He has led the organization from its founding in 2014, helping it gain significant traction and success. He also serves as an advisor to a number of other blockchain-related projects and organizations, lending his ample distributed ledger expertise.
About this project and collaboration, Meinhard Benn states that "We are extremely satisfied with the outcome of Pendulum's private token presale. The fact that we were significantly oversubscribed shows us that there is strong demand for our upcoming network and token. New relationships with specialised funds, platforms and protocols formed during the presale will help us to firmly establish the Pendulum network and its PEN token as major building blocks for the rapidly growing decentralised finance industry."
With Advanced Blockchain AG's technical assistance and advice, Pendulum was able to raise $5m USD which will fuel the further growth of the project, which has been valued at a $25 million valuation. Advanced Blockchain, for its ongoing support, will receive 5.5% of the future 200 million PEN token supply. This amounts to 11 million PEN tokens at a current price of $ 0.125, which will join Advanced
Pendulum (https://pendulumchain.org/) is a new L1 blockchain which connects Stellar to the broader DeFi ecosystem. Pendulum provides a gateway between Stellar and other networks such as Polkadot and Ethereum. This enhances Stellar's already strong ability to facilitate digital asset transfers and benefits the entire DeFi ecosystem by providing new possibilities as the world of fiat and DeFi become more interoperable.
Pendelum is spearheaded by CEO Meinhard Benn, who most notably founded SatoshiPay, a blockchain-based nano-payments provider, in 2014. As a serial entrepreneur, developer, and speaker within the blockchain ecosystem, Meinhard continues to drive innovation and global adoption within this space.
Additional information on Advanced Blockchain AG and its various projects and investments can be found at www.advancedblockchain.com.
02.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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