GEM Digital commits $50M to ParallelChain Lab for L1 protocol development

GEM Digital commits $50M to ParallelChain Lab for L1 protocol development

As a proof-of-stake layer-1 protocol, ParallelChain intends to deliver an architecture that operates in confidentiality while allowing to validate transactions.

Digital asset investment firm GEM Digital Limited (GEM) has committed $50 million to finance ParallelChain Lab following the launch of its mainnet and native token listing, XPLL, in Q4 2022.

As a proof-of-stake (PoS) layer-1 protocol, ParallelChain aims to bridge the infrastructure divide between centralized fi(CeFi) and decentralized finance (DeFi). The soon-to-be-launched ParallelChain mainnet is open source and based on a PoS consensus mechanism dedicated to maintaining a fair distribution of power.

The permissioned ParallelChain Enterprise, on the other hand, will ensure the secrecy of transactions using a patented proof-of-immutability mechanism. The two platforms, together, intend to deliver an architecture that operates in confidentiality while allowing to validate transactions. Speaking about the innovation, ParallelChain CEO Ian Huang stated:

Mining firms from North America and Australia that meet the treasury management and power strategies standards are eligible to apply for the funding. Sidney Powell, CEO and co-founder of Maple Finance, highlighted the recent pullback from lenders, adding that:

“Miners play an essential role in growing the crypto ecosystem and local economies, and we are proud to extend a new financing vehicle to direct capital where it is needed the most.”

As Cointelegraph reported, Maple currently holds 50% of the institutional crypto lending market as measured by total loans outstanding.

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