RCS - Online Blockchain - Umbria Network is a Winner in MoneyAge Awards 2023

Online BlockchainAnnouncement

18/10/2023 07:00

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RNS Number : 4218Q  Online Blockchain PLC  18 October 2023

News Release

 

October 18th, 2023

 

Umbria Network wins 'Cryptocurrency Platform Provider of the Year' in MoneyAge
Awards 2023

- collects only digital assets accolade in TradFi-focussed awards -

 

 

Umbria Network - which has London-listed Online Blockchain plc (LSE:OBC) as
its advisor, administrator and co-ordinator - has triumphed in this year's
MoneyAge Awards.

 

·    Umbria Network has been named the 'Cryptocurrency Platform Provider
of the Year' in the MoneyAge Awards 2023

·    Its capital-efficient, multi-chain asset bridge lowers entry barriers
for individuals engaging with Decentralised Finance (DeFi) applications

·    Umbria Network's Narni bridge offers a cost-effective and speedy
solution for transferring cryptocurrency assets between different blockchains,
making DeFi more accessible to a wider audience. The bridge also generates
fee-based rewards for liquidity providers

 

The winners of the ninth MoneyAge Awards
(https://moneyage.co.uk/awards/winners23.php) , which celebrate excellence and
innovation in the personal finance space and this year received a record
number of entries, were announced in a ceremony on October 12(th), 2023. The
judges noted how Umbria Network's digital asset bridge lowers the barriers to
entry for anyone engaging with DeFi applications. They were impressed by how
the product provides an extremely cost-effective and fast solution for the
migration of cryptocurrency assets between different blockchains to make DeFi
more user-friendly, paving the way for greater mainstream adoption.

 

 

The Narni bridge uses a novel liquidity provision protocol that greatly
decreases the cost of transferring funds between chains in comparison to
traditional validator-driven mint/burn, lock/unlock bridges. It also offers a
remarkable improvement in speed-to-finality for cross-chain asset bridging
when compared to other popular bridging methods. Additionally, there is no
slippage. The Narni bridge currently facilitates bridging between the Ethereum
Mainnet and a range of EVM-compatible blockchains including Polygon, Binance
Chain, Avalanche, Arbitrum and Optimism and enables users to take advantage of
DeFi opportunities across all these ecosystems. The protocol generates
fee-based rewards for liquidity providers as an incentive for their liquidity
provision. Those staking a single asset to the bridge on a single network earn
40% of the bridging fee whenever someone bridges that asset to that network
(no impermanent loss).

 

Umbria Network has also developed a bridge 'widget,' which can be easily
integrated into a project's platform/website meaning that third parties can
easily bring the functionality and seamless bridging experience of Narni to
their community. Additionally, Umbria's related referral program
(https://umbrianetwork.medium.com/integrating-umbrias-narni-bridge-widget-as-a-new-revenue-stream-86206bcd2f32)
offers those integrating the widget a 0.1% fee for every bridge transaction
completed using their widget.

 

"Decentralised and traditional finance can prosper in tandem, bringing
together the best of both worlds to create a more robust and inclusive
financial ecosystem. Umbria Network plays a vital role in bridging the gap
between the two and lowers the barriers to entry for interacting with
decentralised financial products and services," said Clem Chambers, CEO of
Online Blockchain plc. "It's an honour to be recognised for our work in this
area and we'd like to take the opportunity to thank the judges for this
accolade as well as our growing community of users who consistently champion
the product and provide that vital social proof."

 

All MoneyAge Awards 2023 winners can be viewed here:
https://moneyage.co.uk/awards/winners23.php
(https://moneyage.co.uk/awards/winners23.php)

 

- Ends -

 

About Umbria Network

 

The Umbria Network bridge is a capital-efficient, multi-chain asset bridge
that enables the cheap and fast bi-directional bridging of crypto assets
between the Ethereum Mainnet and a range of EVM-compatible blockchains
(Polygon, Avalanche, Arbitrum, Fantom, Binance Chain and Optimism).

 

It uses a novel liquidity provision protocol that greatly decreases the cost
of transferring funds between chains in comparison to traditional
validator-driven mint/burn, lock/unlock bridges. It also offers a remarkable
improvement in speed-to-finality. The bridge facilitates cross-chain
migration of assets by simultaneously holding multiple assets on multiple
chains in liquidity pools

 

The Narni bridge generates fee-based rewards to liquidity providers as an
incentive for liquidity provision. There is no lock in period (assets can be
unstaked at any time) and no impermanent loss.

 

 

About Online Blockchain plc

Online Blockchain PLC (LSE: OBC) is a UK-based incubator driving cutting-edge
research and development in internet and information-based technologies for
the next generation of customers. Established in 1996, OBC has remained at the
forefront of the internet evolution, incubating successful online games and
creating ADVFN, the leading global financial news platform for retail
investors, listed on the London Stock Exchange. Led by a visionary team with
over two decades of pioneering experience in technology, Online Blockchain
focuses on technical innovation in the blockchain and AI space. The company's
notable achievement includes the creation of Umbria Network, a widely
acclaimed cross-chain bridge for digital assets.

 

For more information, visit: https://www.onlineblockchain.io
(https://www.onlineblockchain.io/)

 

 

 

 

 

 

 

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