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

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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.

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