Cryptocurrency News

ParallelChain Raises $50M From GEM Digital to Support Continuous Innovation and Ecosystem Growth

By September 22, 2022 No Comments
ParallelChain (XPLL) cryptocurrency cover image

Key takeaways:

  • ParallelChain has secured a $50 million financing commitment from crypto VC firm GEM Digital
  • The newly-secured capital will fund ParallelChain’s ecosystem development, including R&D and market expansion
  • The ParrallelChain Mainnet launch and the listing of the platform’s native XPLL token will take place in Q4 2022

ParallelChain aims to bring together centralized and decentralized finance

ParallelChain Lab, a blockchain company focused on bridging the divide between Web2 and Web3 services, has announced it reached a $50 million financing agreement with GEM Digital, a digital asset-focused venture capital firm.

The multi-million dollar deal, done as a token subscription facility, will allow ParallelChain to pursue growth and expansion opportunities more aggressively. According to the company, the funds will go toward vertical market expansion, funding R&D, and supporting dApp developers building on ParallelChain.

Founded in 2018, ParallelChain is a Proof-of-Stake (PoS) Layer 1 blockchain that relies on a multi-class validator design and a complex system of smart contracts to bridge the gap between centralized and decentralized finance (DeFi). The enterprise-grade platform is designed to facilitate the native coupling of public and private blockchains. 

The other building block of the ecosystem is the permissioned ParallelChain Enterprise, which uses its patented Proof-of-Immutability (PoIM) technology to ensure transaction anonymity. This design makes it possible for transactions to be validated and for users to use blockchain in full confidentiality. 

Ian Huang, CEO of ParallelChain, explained the company’s core mission in a statement:

“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, namely DeFi:”

According to the project’s roadmap, the ParrallelChain Mainnet launch and the listing of the platform’s native XPLL token will take place in the fourth quarter of 2022. According to the company’s documentation, ParallelChain will be capable of processing up to 80,000 transactions per second (TPS).