ParallelChain Lab has secured a $50 million funding commitment from GEM capital, and the funds will be spent on improving its layer-1 network, ParallelChain.
The enterprise-grade blockchain-as-a-service provider announced this development today, stating that the funding comes in the form of a token subscription facility. It would be spent on innovation and ecosystem growth when ParallelChain mainnet finally goes live in Q4 2022.
ParallelChain Introduces Novel Technology to Blockchains
ParallelChain is a new proof of stake platform set to change the crypto space with its novel native coupling of public and private blockchains. There are two networks, the open-source ParallelChain Mainnet and the permissioned ParallelChain Enterprise.
With a goal of bridging the gap between centralized and decentralized finance, the two platforms will have native interoperability while operating independently using different consensus mechanisms.
Relying on the unique architecture, it allows regulated enterprises to deploy and operate on confidential blockchains while still in compliance. This way, it aims to create a super-ecosystem of universal smart contracts.
ParallelChain development has been in motion since 2018, giving its developer enough time to create a product that delivers real-world enterprise blockchain solutions.
According to ParallelChain CEO Ian Huang, the network’s “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,” he added.
GEM Digital invests $50 million in ParallelChain’s development
New funding from GEM Digital Limited, a digital asset investment firm with $3.4 billion assets under management, not only validated the idea behind ParallelChain but has also enabled more development.
According to the statement from the company, the funds would be dedicated towards community development, vertical market expansion, research and development, and funding for the developers and decentralized applications that want to build on the network.
Speaking on the funding, Huang said, “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.”
The network mainnet is scheduled to go live in the fourth quarter of 2022, along with the listing of its token, XPPL, on centralized exchanges. However, the specific date is yet to be made public.