Leading enterprise-grade blockchain-as-a-service provider ParallelChain Lab has secured $50 million in financing from GEM Digital. The funding will aid the team in expanding its high-performance and censorship-resistant approach.
GEM Digital Limited (GEM) sees merit in how ParallelChain approaches the blockchain-as-a-service industry model. With the help of the Bahamian digital asset investment firm – known for investing in blockchain utility tokens – ParallelChain can continue to develop its proof-of-stake Layer-1 network. The $50 million commitment is a token subscription facility to fund ParallelChain’s innovation and ecosystem growth after its mainnet goes live in Q4 2022.
What makes ParallelChain unique is how it merges public and private blockchains to create a “super ecosystem” of universal smart contracts. That approach will close the gap between traditional and decentralized finance, among other industry verticals.
ParallelChain’s mainnet is open source and powered by delegated proof-of-stake (DPoS) consensus. With its multi-class validator design, power can never be controlled by one or a handful of entities.
Additionally, the ParallelChain Enterprise network is permissioned and powered by Proof-of-Immutability (PoIM) to provide secret transactions. As a result, the two platforms are fully interoperable and help regulatory-compliant enterprises to deploy confidential blockchains and validate associated transactions.
ParallelChain CEO Ian Huang adds:
“Blockchain technology has fundamentally altered the way we exchange value and do business. Yet, the current iteration of Web3 doesn’t fully account for the potential stakeholders that can genuinely advance adoption or, for that matter, figure out how to bring Web2 services into the mix. 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.”
Since its debut in 2018, ParallelChain has become a project with over 30 full-time team members with vast expertise in distributed systems and AI. Moreover, that team has consistently delivered on roadmap milestones and put the final touches on the mainnet launch later this year.
Thanks to GEM’s $50 million in funding, ParallelChain will enhance its community development, continue its R&D, and expand its vertical market presence. Moreover, there will be dedicated incentives for developers building decentralized projects and applications on this technology stack. Per Ian Huang, the funding will “support diverse stakeholders seeking to realize their Web3 ambitions.”
ParallelChain’s Delegated Proof-of-Stake mainnet will launch in Q4 of 2022, alongside the listing of its native token XPLL on centralized exchanges.
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