'Sustainable' GRNGrid Blockchain Gets $50M From Investment Firm GEM Digital

GRNGrid is a more environmentally friendly layer 1 tailored to decentralized finance.

AccessTimeIconSep 19, 2022 at 7:40 p.m. UTC
Updated May 11, 2023 at 6:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The GRNGrid blockchain received a $50 million investment commitment from digital asset investment firm GEM Digital.

The funding will go toward connecting with top crypto exchanges, new partnerships and building out the blockchain technology, according to a Monday press release.

Switzerland-based GRNGrid said it is an environmentally friendly layer 1 blockchain tailored to decentralized finance. GRNGrid users have the option to only use nodes that run exclusively on renewable energy for their transactions.

Swiss non-profit The GRN Association oversees the development of GRNGrid. GRN (G) is the native token of GRNGrid and can be staked to validate and earn validation rewards. The blockchain also has a built-in decentralized exchange called Exnode where consumers can provide liquidity.

Environmentally friendly blockchains are a hot trend after the completion of the historic Ethereum Merge update last week, which shifted the blockchain behind the second-largest cryptocurrency by market value from a proof-of-work consensus mechanism based on energy-intensive computing power to the more sustainable proof-of-stake structure.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about