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HomeTechnologyGRNGrid raises venture of $50 million from cryptocurrency investment firm GEM Digital

GRNGrid raises venture of $50 million from cryptocurrency investment firm GEM Digital

On September 19, the GRN Association revealed in a press release that it had obtained a venture of $50 million for the GRNGrid project from a venture capital firm, GEM Digital Limited, that specialises in cryptocurrencies.

Frederik Vyncke, an engineer at GRNGrid said, “The GRN Association is assured that with the help of the GEM investment and community, it can bring GRN Grid to fruition, establish the norm for a renewable blockchain with innovative features, and foster sustainable growth.”

GRNGrid innovative features include GRNPay and ExnodeGRNGrid

The renewable energy partners of GRNGrid, who are experts in data centres and hosting facilities, have expressed a strong interest in operating Grid’s nodes as validators.

Partners will enable the business to launch GRNGrid’s availability, speed, and sustainability in Q2 2023. The innovative features of GRNGrid, such as GRNPay and Exnode, will motivate both users and developers to join GRNGrid.

Moreover, GRNGrid is offering Proof-of-Stake V2 (PoS2). The GRNGrid blockchain is the first one with a consensus algorithm created particularly to combat whales and promote more equitable distribution. 

This consensus method will result in greater security, improved decentralisation, and enhanced financial sustainability.

The native token of GRNGrid is GRN ($G). By staking to verify and get rewards for validation, “G” will control the blockchain. Liquidity can be supplied by users to the constructed DEX named Exnode.

The GRN Association, a non-profit organisation (NPO) based in Switzerland, supports environmental projects via funding and also defends the GRNGrid sustainable goal. 

Moreover, the association oversees the ReCharge project, which enables GRNGrid validators to reuse their equipment and reduce electronic waste.

The new funds from GEM will go toward expanding its infrastructure and blockchain technology, forming new international professional alliances, and connecting to more prominent cryptocurrency exchanges.

GRNGrid is a Layer 1 blockchain that is robust, scalable and has innovative DeFi capabilities. Clients on GRNGrid have the option to only conduct their transactions on nodes powered solely by renewable energy.

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