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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.