Advanced Blockchain AG, a well-known venture capital builder in the blockchain industry, announced that it has raised $6 million in seed funding through its Quasar incubation. The Germany-based investment firm announced the development in a blog post Publish relayed on its official handle.
According to Advanced Blockchain AG, Quasar managed to raise seed funding with the help of numerous venture capitalists. Reportedly, the leaders of the funding round would be Blockchain Capital and Polychain Capital. Other participants are Galileo, Lightshift Capital and Figment Capital.
Incubation Quasar was a subsidiary of Advanced Blockchain AG. It will now operate as an autonomous entity of the business creator. This development emanates from Advanced Blockchain’s steps towards accelerating the initial development phases of its project. According to the findings, the move was led by Quasar Incubation CEO Valentin Pletnev.
Apparently, Quasar Incubation is successfully trying to unveil the testnet by the first week of August. Recall that the protocol recently bought all the intellectual property developed through the collaboration with AB. Labs, another subsidiary of Advanced Blockchain’s Incubation. According to reports, Quasar paid the initial incubation fee to affect its autonomy.
According to Valentin Pletnev, his team is delighted to complete the seed round. Pletnev appreciated all investors for trusting Quasar by participating in the round.
The CEO further announced that Quasar now operates as a standalone protocol, thanking Advanced Blockchain for its support so far. He added that his team is looking forward to the imminent unveiling of testnet. Additionally, Pletnev reaffirms Quasar’s commitment to reshaping the future of decentralized finance.
Similarly, Advanced Blockchain AG CEO Simon Telian revealed that Quasar has been operating as a standalone entity since last May. Telian praised the CEO of Quasar for his efforts to accelerate the growth of the project. The CEO of Advanced Blockchain further wished Quasar well in his quest to unveil the testnet and full feature release in August.
Notably, Quasar now intends to run vaults capable of flowing cash unimpeded. According to the protocol, such a development will allow retail investors to invest their virtual assets. Apparently the vaults will work differently via a different IBC oriented chain.
The vault will help consolidate control of deployed capital for vault owners. Additionally, the protocol is accelerating efforts to ensure that holders of its native token, $QSR, can launch their vaults. As revealed, this will be possible by allowing them to lock in their tokens, create a strategy, and earn income for their efforts.
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