Home CryptocurrencyBitcoin GEM Digital donates $50 million to ParallelChain Lab to develop L1 protocol

GEM Digital donates $50 million to ParallelChain Lab to develop L1 protocol

by SuperiorInvest

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

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

Enabled ParallelChain Enterprise, on the other hand, will ensure transaction secrecy using a patented proof-of-immutability mechanism. Together, the two platforms intend to provide an architecture that works in confidentiality while allowing transactions to be verified. Speaking about the innovation, ParallelChain CEO Ian Huang stated:

“We see this solution as an answer to enterprise privacy and compliance demands while also addressing the need for scalability across many public applications, namely DeFi.”

GEM’s $50 million investment in ParallelChain is planned to be channeled into market expansion, community development, research and development, and funding for decentralized projects and decentralized application (DApp) developers..

Related: Sports metaverse secures $200 million in funding

Introducing the diverse interest of crypto investors, institutional the Maple Finance cryptocurrency lending protocol announced his commitment to $300 million in secured debt financing to public and private bitcoins (BTC) mining companies.

Mining companies from North America and Australia that meet the standards of financial management and energy strategies can apply for financing. Sidney Powell, CEO and co-founder of Maple Finance, highlighted the recent retreat from lenders, adding that:

“Miners play a vital role in the growth of the crypto-ecosystem and local economies, and we are proud to expand a new funding tool to direct capital where it is most needed.”

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

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