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

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.”