GEM Digital Vouched $50M to Parallel Chain Lab For L1 Protocol Design

By Natalie Wu | September 24, 2022

Crypto asset investment entity GEM Digital Limited (GEM) has vouched $50 million to financially support ParallelChain Lab, after the release of its mainnet and native token listing XPLL finalized in Q4 this year.

Specifically, functioning as a proof-of-stake (PoS) layer-1 protocol, ParallelChain reportedly has a target of bridging the infrastructure divide between centralized finance (CeFi) and decentralized finance (DeFi).

The anticipating ParallelChain mainnet is open source and dependent on a PoS consensus mechanism devoted to maintaining a fair distribution of power.

The permissioned ParallelChain Enterprise, on the other hand, will make sure the secrecy of transactions via the use of a patented proof-of-immutability mechanism. 

Both platforms will collaboratively work towards the objective of providing an architecture that functions in confidentiality, while making it possible to validate transactions.

“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.” ParallelChain CEO Ian Huang additionally remarked regarding the innovation. 

GEM’s $50 million investment in ParallelChain is planned to be going towards market expansion, community development, research and development and funding of decentralized projects and decentralized app (DApp) developers.

Displaying the diversity, interest-wise, of crypto investors, institutional crypto lending protocol Maple Finance reportedly disclosed details of its commitment of a maximum of $300 million in secured debt financing to public and private Bitcoin (BTC) mining firms.

“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.”

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