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

    Following the launch of ParallelChain Lab’s mainnet and native token listing, XPLL, in the fourth quarter of 2022, the digital asset investment firm GEM Digital Limited (GEM) has committed $50 million to the financing of ParallelChain Lab. Parallel Chain’s proof-of-stake (PoS) layer-1 protocol has the overarching goal of bridging the infrastructure gap that exists between centralised (CeFi) and decentralised (DeFi) financial systems (DeFi). The soon-to-be-launched ParallelChain Mainnet is based on a proof-of-stake consensus mechanism that is committed to preserving an equitable distribution of power. This mechanism is open source.

    On the other hand, the patented Proof-of-Immutability mechanism will be utilised by the permissioned ParallelChain Enterprise to ensure that the confidentiality of transactions is maintained. The combined efforts of the two platforms are geared toward the delivery of an architecture that maintains users’ anonymity while still enabling the validation of transactions. It is planned that GEM’s investment of $50 million in ParallelChain will be redirected to market expansion, community development, research and development, as well as funding for decentralised project and app (DApp) developers.

    Putting on display the broad range of interests held by cryptocurrency investors, institutional crypto lending protocol Maple Finance has declared that it will provide up to $300 million in the form of secured debt financing to Bitcoin (BTC) mining companies, both public and private. Mining companies located in North America and Australia that satisfy the standards for treasury management and power strategies are eligible to apply for the funding if they meet the requirements. Sidney Powell, CEO and co-founder of Maple Finance, brought attention to the recent withdrawal of lending from financial institutions. According to a report by Cointelegraph, Maple currently holds a share of the institutional cryptocurrency lending market that is equivalent to fifty percent of the total loans outstanding.

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