Business

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

Digital asset investment firm GEM Digital Limited (GEM) has pledged $50 million to ParallelChain Lab after launching mainnet and native token listing XPLL in Q4 2022. did.

As a Proof of Stake (PoS) Layer 1 protocol, ParallelChain aims to bridge the infrastructure split between centralized (CeFi) and decentralized finance (DeFi). The soon-to-launch ParallelChain Mainnet is open source and based on a PoS consensus mechanism dedicated to maintaining a fair distribution of power.

Permissioned ParallelChain Enterprise, on the other hand, ensures transaction confidentiality using its patented Proof-of-Immutability mechanism. Both platforms aim to provide an architecture that operates confidentially while still allowing transaction validation. Commenting on this innovation, ParallelChain CEO Ian Huang said:

“We believe this solution is an answer to corporate privacy and compliance demands, while also addressing scalability needs across many public applications such as DeFi.”

GEM’s $50 million investment in ParallelChain will be redirected to market expansion, community development, research and development, and funding for decentralized projects and decentralized app (DApp) developers.

Related: Sports Metaverse Company Raises $200 Million in Funding

Demonstrating the diverse interest of crypto investors, Maple Finance, an institutional crypto lending protocol, is offering up to $300 million in collateralization to public and private Bitcoin (BTC) mining companies. announced a debt financing commitment.

North American and Australian mining companies that meet financial management and power strategy criteria are eligible to apply for funding. Sidney Powell, his CEO and co-founder of Maple Finance, highlighted recent pullbacks from lenders, adding:

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

As reported by Cointelegraph, Maple currently owns 50% of the institutional crypto lending market.