DGAP-News: Advanced Blockchain AG / Key word(s): Cryptocurrency / Blockchain/Expansion
Advanced Blockchain’s portfolio company, Alluo, completes token auction at a total token valuation of $50M
06.05.2022 / 09:04
The issuer is solely responsible for the content of this announcement.
Advanced Blockchain AG’s (Scale Frankfurt, Primary Market Dusseldorf, XETRA: ISIN DE000A0M93V6) investment as well as incubation – Alluo, closes token auction on a total token valuation basis of $50M. Advanced Blockchain – through a subsidiary – received 10 million ALLUO tokens for the early stage investment made as well as for the incubation services. This represents 5% of the total ALLUO token supply and thus an approximate value of $2.5 million.
“Alluo has the potential to make decentralized financial services accessible to everyone. Their innovative cross-chain technology and the management team’s past successes drives us to continue supporting Alluo’s growth” – commented Robin Davids, CSO Advanced Blockchain.
As part of the incubation services, Advanced Blockchain successfully supported the Alluo project in the preparation as well as execution of its early funding rounds and initial dex offering. In addition, individual growth resources such as access to industry networks, project management and business development were provided.
Notably, Advanced Blockchain has previously invested in a project run by Alluo’s co-founder, Rémi Tuyaerts, and helped guide it to a successful exit in 2021.
“Advanced Blockchain has played an instrumental role in the success of our protocol. I am personally thrilled to once again be working on a project with them as partners and investors. Our IDO marks an important milestone in our roadmap and with the continued support of partners and collaborators like Advanced Blockchain, we are well on our way to bring DeFi to everyone.” – commented Rémi Tuyaerts, co-founder of Alluo and successful serial founder.
About Alluo:
Alluo has the ultimate goal of bringing DeFi to everyone. Alluo will enable users to save, spend, borrow and invest with a simple mobile app, differentiating themselves as a non-custodial wallet on polygon. Non-custodial means that the wallet’s private key is with the user, not with Alluo. Additionally, Alluo is also a cross-chain yield optimisation and liquidity direction protocol that directs the liquidity coming from the mobile-app users to different protocols such as curve, convex, anchor and others.
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.
06.05.2022 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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