DGAP-News: Advanced Blockchain AG / Key word(s): Cryptocurrency / Blockchain/Expansion
Advanced Blockchain Leads Backd’s $3.5M Series A Funding Round
06/13/2022 / 09:14
The issuer is solely responsible for the content of this announcement.
Advanced Blockchain AG (Scale Frankfurt, primary market Dusseldorf, XETRA: ISIN DE000A0M93V6) recently made a seven-figure investment through a subsidiary and led the $3.5M Series A funding round of Backd, a trusted reactive liquidity protocol. Spartan Group, Maven 11 Capital, Struck Capital, Apollo Capital and Divergence Ventures are some of the notable investors that have joined Advanced Blockchain in the backd funding round.
Backd introduces reactive liquidity pools to maximize a user’s wealth in terms of both usage and efficiency. Supported by the protocol’s core architecture, the innovation expands DeFi users’ ability to efficiently and autonomously delegate liquidity and generate compound returns. Backd is currently active on the mainnet with its phase 1 solution, revenue aggregating liquidity pools. The team is preparing to roll out more features in later phases to ensure a seamless and secure rollout.
Advanced Blockchain’s Chief Investment Officer, Simon Telian, commented:
“We are very excited to lead Backd’s Series A funding round as their approach mitigates some of DeFi’s biggest pain points related to liquidity pools and their static nature. In addition to our confidence in the team, the flexibility of strategies and the future potential within them impressed us. We look forward to supporting the team as they continue to implement and adopt strategies to unlock value and efficiency for DeFi liquidity pools.”
About Backd
Backd is a trusted reactive liquidity protocol that allows users to earn returns and register actions with their liquidity. Through Backd, users can autonomously let their assets respond to market conditions. That is, assuming the liquidity can either remain on backd, where it generates returns from strategies, or be sent somewhere else. Backd allows any Liquidity Provider (LP) to add customizable actions to their liquidity. For more information on Backd, 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 different disciplines and enabling the company to innovate in different ecosystems of the industry.
More information about Advanced Blockchain AG and its various projects and investments can be found at: https://www.advancedblockchain.com/.
06/13/2022 Release of a Corporate News/Financial 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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