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

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

Updated May 11, 2023, 6:52 p.m. Published Sep 19, 2022, 7:40 p.m.

GRNGrid has received a commitment of $50 million from GEM Digital, (Shutterstock)

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.

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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.

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Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.