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 (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 redirected to market expansion, community development, research and development and funding of decentralized projects and decentralized app (DApp) developers.
Related: Sports metaverse company secures $200M funding
Showcasing the diverse interest of crypto investors, institutional crypto lending protocol Maple Finance announced its commitment of up to $300 million in secured debt financing to public and private Bitcoin (BTC) mining firms.
Today, @IcebreakerDeFi joins Maple and opens a $300M capacity pool to provide secured debt financing to blue-chip Bitcoin mining and digital asset infrastructure companies. pic.twitter.com/ZWyLV2P9hr
— Maple (@maplefinance) September 20, 2022Mining firms from North America and Australia that meet the treasury management and power strategies standards are eligible to apply for the funding. Sidney Powell, CEO and co-founder of Maple Finance, highlighted the recent pullback from lenders, adding that:
“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.”As Cointelegraph reported, Maple currently holds 50% of the institutional crypto lending market as measured by total loans outstanding.
