Layer 1 Blockchain GRNGrid Secures $50M Investment From GEM Digital
The GRN Association revealed today that GEM Digital Limited, a venture capital firm specializing in digital currencies, has agreed to invest $50M in the GRNGrid project.
GRNGrid is a Layer 1 blockchain that is stable, scalable and has innovative DeFi features. Users on GRNGrid can conduct their transactions only through nodes powered solely by renewable energy.
The data centre and hosting industry’s leading renewable energy suppliers have expressed a strong interest in running Grid’s nodes as validators. They will enable the business to launch GRNGrid’s availability, speed, and sustainability in Q2 2023. The innovative features of GRNGrid, such as GRNPay and Exnode, will entice users and developers to connect there.
Additionally, GRNGrid is introducing Proof-of-Stake V2 (PoS2). The first blockchain with a consensus technique explicitly created to combat whales and achieve more equitable distribution is GRNGrid. This consensus method will benefit from increased security, decentralisation, and financial sustainability.
The native token of GRNGrid is GRN ($G). By staking to validate and receiving rewards for validation, “G” will control the blockchain. Consumers can supply liquidity to the built-in DEX called Exnode.
The GRNGrid sustainable vision is protected by the GRN Association, a non-profit organization with headquarters in Switzerland that also funds environmental projects. Additionally, the association oversees the ReCharge program, which enables GRNGrid validators to reuse their hardware and reduce electronic waste.
The additional funding from GEM will be used to expand its infrastructure and blockchain technology, expand its professional partnerships globally, and connect to more prominent cryptocurrency exchanges.