DGAP-News: Advanced Blockchain´s portfolio company peaq receives $6 million in further funding

Advanced Blockchain AG (Scale Frankfurt, Primary Market Düsseldorf, XETRA: ISIN DE000A0M93V6) announces that its portfolio company - the Web3 network peaq - recently raised USD 6 million from Fundamental Labs, HashKey, Delta VC, GSR, Cypher Capital and other notable VCs. The funding will support the continued expansion of the peaq network. Advanced Blockchain now holds about 6% of all tokens and still holds about 37% of Peaq Technology GmbH.

The capital will be used to expand the development team and launch new products and features in the peaq ecosystem. Peaq already maintains ecosystem partnerships with leading industry consortia such as Gaia-X, MOBI and the Automotive Industry Association.

"The new growth funding will enable us to further strengthen and diversify peaq's offering as a network for a fully decentralized machine economy." Till Wendler, co-founder of peaq

peaq's Layer 1 blockchain is fully compatible with Polkadot. To achieve seamless cross-chain interoperability with the rest of the Polkadot ecosystem and beyond, peaq will participate in a Polkadot parachain slot auction. Polkadot enables unrestricted interoperability between diverse types of Web3 projects, bringing peaq additional users, use cases, traction and liquidity, while peaq can bring millions of machines and associated liquidity to Polkadot.

About peaq
peaq is the Web3 network powering the Economy of Things (EoT). peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices, while empowering dApp builders and dApp users to govern and earn from machines providing goods and services to people and other machines. The peaq network leverages Machine DeFi and Machine NFTs to align the incentives of all stakeholders in the Economy of Things. peaq is designed to solve some of our most pressing societal and economic challenges of our time, ensuring that people earn more as machine-associated job automation increases. 

For more information, visit https://www.peaq.network/.

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 team of analysts, developers, programmers, economists and mathematicians dedicated to developing the future of Web 3.0, covering various disciplines enabling the firm to innovate in different ecosystems of the industry.

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