18 Oct 2023 07:00
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, 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 12th, 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 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
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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