Clem Chambers on Online Blockchain and Cryptocurrency
This week we meet Clem Chambers, CEO of Online Blockchain (LON:OBC). Chambers has been involved in the software industry for over 25 years as a pioneer in computer games, multimedia and the Internet. Online Blockchain is a UK-based research and development incubator focused on growing blockchain technology opportunities.
Chambers’ expertise in the popular blockchain field, as well as his unique insights into the ties between crypto and governments around the world make this podcast a must.
On the podcast
Chambers gives listeners an introduction to blockchain online and explains what makes the company one of the leading blockchain companies. Founded in 1996, Online Blockchain is AIM’s 23rd oldest company. Its position as a leading company has allowed it to become a leading innovator in the field of cryptocurrency and decentralized ecosystems.
The road to becoming an established business, however, was not easy. As Chambers explains, the company had encountered countless obstacles in its early years, the most notable of which was that it was unable to find a financial institution willing to erase the Online blockchain for credit cards and debt financing. Chambers attributes this to the biased modern banking system which he says consistently and fundamentally opposes the development and rise of the cryptocurrency market.
A blockchain bridge
Over time, Online Blockchain was able to free itself from its financial restraints and is now proving to be an extremely successful business. At the forefront of the company’s success is its creation of Umbria. Umbria is a blockchain bridge (a connection that allows the transfer of tokens and arbitrary data from one chain to another) that allows traders to move Ethereum to other areas of the blockchain.
The main advantage of the project lies in its reduction in transaction costs. Currently, performing trades and moving Ethereum is extremely expensive, with transaction fees sometimes exceeding 1%. Chambers asserts that, through Umbria, Online Blockchain Built the Cheapest and Fastest Ethereum-Based Bridgereflected in its strong adoption.
The project conveniently addresses the issues faced by many fund managers regarding the crypto market and its monetary infrastructure. A common complaint from fund managers is that while they are diversified across many types of tokens and digital currencies, they have experienced issues moving and transferring these assets. Umbria is tackling this problem directly by facilitating smoother reallocations of one of Ethereum’s most important cryptocurrencies..
Online Blockchain works with and owns a 17.98% stake in ADVFN (LON:AFN), which is a stock, equities and crypto news website providing financial tools and data to private investors around the world. This will give Online Blockchain the ability to dive into even more projects and diversify their operations in the future, if they choose.