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ADVANCED BLOCKCHAIN AG EQS-News: Advanced Blockchain AG: Portfolio company Composable successfully launches ETH-IBC mainnet enabling cross-chain transfers from Ethereum to Cosmos for the first time

Transparency directive : regulatory news

04/04/2024 09:34

EQS-News: Advanced Blockchain AG / Key word(s): Cryptocurrency / Blockchain/Miscellaneous
Advanced Blockchain AG: Portfolio company Composable successfully launches ETH-IBC mainnet enabling cross-chain transfers from Ethereum to Cosmos for the first time

04.04.2024 / 09:34 CET/CEST
The issuer is solely responsible for the content of this announcement.


Advanced Blockchain AG: Portfolio company Composable successfully launches ETH-IBC mainnet enabling cross-chain transfers from Ethereum to Cosmos for the first time

  • The long-awaited launch of the ETH-IBC mainnet marks a crucial milestone for the Composable team as they now have first-mover advantage.
  • Rollout is scheduled in different phases, with Phase One Beta enabling asset transfers between Ethereum and Cosmos ecosystems.
  • As one of Composable’s earliest investors, Advanced Blockchain remains one of the largest token holder.

April 4, 2024 – Advanced Blockchain AG ("AB", Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6), a leading incubator and investor in the blockchain industry, announces that its portfolio company Composable successfully launched their ETH-IBC mainnet.

Ethereum is now officially connected with the Inter-Blockchain-Communication (IBC)-Protocol and can seamlessly connect with Cosmos, Polkadot, Kusama, and soon, Solana. This connection marks another important step forward towards delivering Composable’s vision for IBC everywhere and a completely interoperable DeFi landscape, a vision which is growing closer to reality every day.

As part of the mainnet beta release, the IBC connection is fully deployed to Ethereum linking the Cosmos and Ethereum Ecosystems. Users can now transfer assets from Cosmos to Ethereum, and vice versa. This means that the process will not require permission from any central authority, marking a significant advancement in the blockchain space.

Simon Telian, CEO of AB, comments: “Ethereum, holding its position as the second-largest crypto asset with a current market capitalization of roughly $400 billion, plays a vital role in the narrative of the Inter-Blockchain-Communication (IBC)-protocol. After three relentless years of innovating the space, Composable has successfully achieved a crucial milestone on bringing IBC everywhere.”

“As the first team to successfully connect Cosmos to Ethereum via IBC, we have achieved a pioneering breakthrough in cross-chain interoperability, fulfilling the biggest milestone of our promise we made in 2021 to bring the highest level of security to bridging,” Henry Love, the executive director of the Composable Foundation said in a statement.

To date, Composable's bridging solutions have reported a volume exceeding $80 million, highlighting the impact and relevance of these interoperability solutions. By channeling Ethereum's substantial capital to other blockchains, not only is liquidity unlocked and collaboration between various ecosystems fostered, but a revenue share is also granted to Composable through transaction fees, thereby further stabilizing their business.

For transactions from Ethereum to Cosmos, Composable will implement a charge of a $20 gas fee. Similarly, for transfers from Cosmos to Ethereum, the fee structure consists of $20 plus a 0.4% transaction fee.

Moreover, the roadmap includes an additional connectivity to Solana, further broadening the horizons for asset interoperability and seamless transactions across major blockchain networks. This step forward signifies a significant leap towards a more interconnected and versatile blockchain ecosystem which will likely also increase the volumes bridged via Composable’s tech stack.

Both the Advanced Blockchain Management team as well as the Composable Management team will be attending the TOKEN2049 conference this month in Dubai.


About Advanced Blockchain AG:
Advanced Blockchain AG (Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) is a venture builder and investor in the blockchain industry with an extensive network of analysts, developers, programmers, economists, and mathematicians. Advanced Blockchain AG is dedicated to developing the future of Web 3.0 and innovating in different ecosystems and markets of the industry.

For more information about Advanced Blockchain AG, its various projects, and investments, please visit https://www.advancedblockchain.com/.


Contact:
ir@advancedblockchain.com

 

 



04.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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: 1872847

 
End of News EQS News Service

1872847  04.04.2024 CET/CEST

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