You are currently viewing GEM Digital commits $50M to ParallelChain Lab for L1 protocol development

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:

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

GEM’s $50 million investment in ParallelChain is planned to be

Keep reading this article on Cointelegraph.com.

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