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Former Fidelity International executive joins Layer N advisory board.

His presence on the advisory board can be seen as an affirmation of the financial sector’s growing interest in blockchain technology and a step forward in the adoption of these solutions.

Date: 2024-02-22 Author: Łukasz Michałek
Former Fidelity International executive joins Layer N advisory board.

Luca Froehlich, a former director at Hong Kong-based Fidelity International, has been appointed to the advisory board of Layer N, a roll-up network that focuses on scaling financial applications on Ethereum.

Froehlich was head of global digital asset solutions at Fidelity International for seven years. He led the company’s exploration of tokenized assets and cryptocurrencies.

Ethereum ‘s Layer2 network , called Layer N, is designed to support decentralized exchanges that aim to replicate their centralized counterparts.

Froehlich argued that the protocol could solve the problem of fragmentation in financial technologies, motivating him to join the advisory board of Layer N. He highlighted the project’s architecture, which introduces a configurable network of virtual machines that can seamlessly communicate and share, overcoming the isolation of traditional systems.

He said: “By introducing a network of configurable virtual machines that can seamlessly communicate and share seamlessly, Layer N overcomes the often isolated performance of traditional systems.”

Froehlich stressed that this solution can be used to maintain the confidentiality of transactions in traditional finance. The project meets regulatory and competitive requirements while ensuring confidentiality, enabling verification without revealing the content of transactions. He declared that blockchain technology is now poised to overcome the outdated infrastructure of traditional finance, indicating a significant change in the industry’s situation.

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Nord Engine ‘s ability to handle high trading activity was demonstrated during testing in a closed test network, peaking at 120,000 transactions per second. Layer N confirmed the scalability and robustness of the package, maintaining a pace of 20,000 transactions per second for an extended period. The tool’s core network is expected to go live this month.

Dima Romanov, CEO and co-founder of Layer N, advocated the launch of a number of optimized roll-ups. One of them is a version of the Ethereum virtual machine compatible with Nord Engine. Developers who use the platform will be able to create native integrations, allowing them to directly expose their applications to decentralized exchanges.

EigenDA is one of the most important Layer N technologies that efficiently store aggregate transaction data, reducing costs, as opposed to storing data directly on the Ethereum core network. In September 2023. Founders Fund and dao5, along with investors such as Kraken Ventures, Mirana Ventures, GSR and Amber Group, provided the project with $5 million in seed funding.

As a result of BlackPine’s strategic investment and partnership with VSFG, Layer N recently announced its expansion into the Asian market. The goal of these ventures is to strengthen Web3 ‘s offerings in the region and further enhance its position in the changing world of financial technology.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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