Portfolio company Polymer Labs successfully secures $23 Million in Series A funding round while Bitcoin surpasses important $50.000 mark

Advanced Blockchain AG: Portfolio company Polymer Labs successfully secures $23 Million in Series A funding round while Bitcoin surpasses important $50.000 mark

• Polymer Labs secures $23M in Series A funding.
• Portfolio company pioneers future interoperability of Ethereum with hub and EigenLayer partnership.
• Positive momentum from Bitcoin price increase.

February 13, 2024 – Advanced Blockchain AG (“AB”, Scale Frankfurt, primary market Düsseldorf, XETRA: ISIN DE000A0M93V6), a leading incubator, architect and investor for the blockchain industry, announces the successful completion of the Series A funding round for Polymer Labs. Polymer Labs is a multi-chain infrastructure DAO (Decentralized Autonomous Organization) that specializes in developing and operating Inter-Blockchain Communication (IBC) infrastructure for effective cross-chain communication. The funding round secured $23 million, with notable investors such as Maven 11, Distributed Global, Coinbase Ventures, and Figment Capital participating in this noteworthy financing milestone. In this recent funding round, the company significantly increased its valuation, thus further adding value to Advanced Blockchain’s diverse investment portfolio.

Simon Telian, CEO of AB, comments: “This achievement marks a significant milestone for Polymer Labs. The company has now secured a total of more than $26 million across two funding rounds. This significantly strengthens the position of Polymer Labs as a leader in blockchain innovation, committed to surmounting challenges and propelling decentralized technologies forward.”

Sebastian Markowsky, Member of the Supervisory Board of AB, complemented: ”The successful funding coincides with Bitcoin climbing to over $50.000 which provides tailwind to the whole blockchain industry. I strongly believe that the sentiment will remain positive in the light of the increasing adoption of blockchain technology in the financial industry. The increasing institutional adoption may really drive volatility near term and everyone should be prepared for an increase rather than a decrease.”

Market Trends and Developments

Market sentiment is further improving as Bitcoin surpassed $50,000, marking a more than 17% weekly increase. A $2.7 billion influx on February 9 into newly approved Bitcoin ETFs contributed to this surge. Ethereum spot ETF applications from major asset managers like BlackRock and Fidelity are expected to receive approval by May 2024, aligning with the next Bitcoin halving event.

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