Advanced Blockchain AG Contributes 6-Figure Investment to Obol Technologies Seed Round
Advanced Blockchain AG participated in the Obol Technologies seed financing round with a 6-figure investment. Our organization contributed alongside significant investors including Ethereal Ventures, Acrylic, Coinbase, IOSG, and several top crypto angel investors.
Obol Technologies (http://obol.tech) is an open-source and permissionless infrastructure protocol for staking digital assets, with the mission to serve as the primary coordination layer for trustless and configurable staking on public blockchain networks. Using a new paradigm known as a Secret Shared Validator (SSV) network, Obol is unlocking an entirely new primitive to deliver the first viable trustless staking functionality to proof of stake blockchains.
SSV is a joint research and development effort commissioned by the Ethereum Foundation in conjunction with the Obol founding team.
Obol’s focus of producing trustless validation as a permissionless good for public networks aligns perfectly with Advanced Blockchain’s mission to drive forward open source and decentralized innovation and adoption, creating a more equitable and transparent blockchain-based economy.
Richard Malone, Investment Partner at Advanced Blockchain, states, “The Ethereum transition away from proof-of-work towards proof-of-stake (POS) holds promise to scale transaction throughput, reduce network fees, and ultimately enable widespread adoption of decentralized applications. However, existing POS blockchains struggle with inherent centralization risk through the delegation and aggregation of consensus-building to third party staking providers. We strongly believe blockchains need verifiable and sufficiently decentralized consensus to effectuate the promise of a decentralized future. Otherwise, the entire value proposition of blockchains is undermined. That is why we are excited to back Obol; their mission is of critical importance and there is no team better positioned to execute this mission than Collin, Oisin, and the talented team they’re building.
This investment will enable Obol to continue development of their technology to provide institutions, self-stakers, and pool operators the ability to create their own staking environments with superior fault tolerance, resiliency, and robustness. We also believe that this will be a positive addition to our existing investment portfolio given the scope, scale, and importance of the problem they are solving.
Further information on Advanced Blockchain AG and its other projects and investments can be found at https://www.advancedblockchain.com/.