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DGAP-News: Advanced Blockchain AG
/ Key word(s): Cryptocurrency / Blockchain/Expansion
Advanced Blockchain leads the $3.5M Series A financing round of Backd
13.06.2022 / 09:14
The issuer is solely responsible for the content of this announcement.
Advanced Blockchain AG (Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) has recently made a seven-figure investment, through a subsidiary, leading the $3.5M Series A financing round of Backd, a trustless reactive liquidity protocol. Spartan Group, Maven 11 Capital, Struck Capital, Apollo Capital, and Divergence Ventures are some of the notable investors that joined Advanced Blockchain in the Backd financing round.
Backd is launching reactive liquidity pools to maximize a user’s assets both in utilization and efficiency. The innovation is supported by the core architecture of the protocol and further expands DeFi user's capabilities to efficiently and autonomously delegate liquidity and earn compounded yield. Backd is currently live on mainnet with its Phase 1 solution, yield-aggregating liquidity pools, the team is preparing to deploy further functionality in later phases to ensure a seamless and secure rollout.
Advanced Blockchain’s Chief Investment Officer, Simon Telian, commented,
"We are thrilled to lead the Series A financing round of Backd, as their approach alleviates some major pain points of DeFi in regards to liquidity pools and their static nature. In addition to our faith in the team, the flexibility of strategies and the future potential therein impressed us. We look forward to supporting the team as they further implement and launch strategies to unlock utility and efficiency for DeFi liquidity pools.”
About Backd
Backd is a trustless reactive liquidity protocol where users can earn yield and register Actions with their liquidity. Through Backd, users can make their assets autonomously reactive to market conditions. Meaning, provided liquidity can either remain on Backd, where it earns yield from strategies or sent elsewhere. Backd enables any liquidity provider (LP) to add customizable actions to their liquidity. For more information about Backd please visit: https://backd.fund.
About Advanced Blockchain AG
Advanced Blockchain AG is a venture builder and investor in the blockchain industry with an extensive team of analysts, developers, programmers, economists and mathematicians dedicated to developing the future of Web 3.0. Group-wide, the team consists of more than 200 members, covering various disciplines enabling the firm to innovate in different ecosystems of the industry.
For more information about Advanced Blockchain AG and its various projects and investments, please visit: https://www.advancedblockchain.com/.
13.06.2022 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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