ParallelChain Labs Secures $50 Million from GEM Digital
ParallelChain, an enterprise-grade blockchain-as-a-service platform that combines high performance, artificial intelligence (AI), and censorship-resistant characteristics for connectivity of value in the Web3 ecosystem, has successfully secured $50 million in funding from GEM Digital.
ParallelChain to Accelerate Ecosystem Growth
Per a press release shared with crypto.news, the strategic investment from GEM Digital Limited (GEM), will be used to fund innovative initiatives that will accelerate the growth of the ParallelChain ecosystem, following the successful launch of its mainnet and token listing in Q4 2022.
Based in the Bahamas, Global Emerging Markets (GEM) is a digital asset investment company that actively sources, structures, and invests in utility tokens listed on more than 30 centralized and decentralized exchanges (DEXs) globally.
With offices in Paris, New York, and the Bahamas, the $3.4 billion investment group claims to have completed more than 530 transactions across 72 countries since its launch.
ParallelChain says it plans to use the $50 million to pursue its community development goals, vertical market expansion, funding decentralized projects, R&D, decentralized applications (dApp) development on ParallelChain, and more.
ParallelChain CEO, Ian Huang said:
“With fresh funding in play, ParallelChain will be able to support diverse stakeholders as they seek to realize their Web3 ambitions, all while benefiting from the unrivaled functionality we believe is necessary to attract mass-market embrace.”
Adding,
“Blockchain technology has fundamentally altered the way we exchange value and do business. Yet, the current iteration of Web3 doesn’t fully account for the potential stakeholders that can genuinely advance adoption or, for that matter, figure out how to bring Web2 services into the mix.”
Fostering Blockchain Interoperability
ParallelChain is an energy-efficient proof-of-stake (PoS) layer-1 blockchain network designed to facilitate the native coupling of public and private distributed ledgers. The project is focused on bringing to life a super-ecosystem of universal smart contracts that bridge the infrastructural gap between the traditional and decentralized finance (DeFi) ecosystems.
The ParallelChain mainnet is open-source and it’s powered by a unique delegated proof-of-stake consensus algorithm that leverages an innovative, multi-class validator design to maintain a fair distribution of power.
On the other hand, the permissioned ParallelChain Enterprise network is powered by a patented proof-of-immutability (PoIM) mechanism that ensures transaction anonymity. ParallelChain Labs says both of its networks are highly interoperable.
ParallelChain’s unique architecture makes it possible for enterprises governed by strict compliance regulations to easily deploy and operate confidential blockchain networks where each transaction can be validated.
Since its launch in 2018, ParallelChain has grown significantly and the project now consists of more than 30 full-time, on-site engineers that specialize in the development of distributed systems and AI.
So far, ParallelChain has hit several significant milestones in its mission to develop real-world enterprise blockchain solutions that are secure and scalable.
The project aims to launch its mainnet in Q4 2022, alongside the listing of its native XPLL token on centralized exchanges.
Huang added:
“Our unique two-pronged layer-1 approach forms a conduit between public and private blockchains. This allows developers to select the most valuable features for any given use case. We see this solution as the answer to enterprises’ privacy and compliance demands while simultaneously addressing the need for scalability across many public applications, including DeFi.”
