Green energy-focused blockchain wins $50 million investment from GEM Digital

Quick Take

  • GRNGrid has secured a $50 million investment from GEM digital, per a press release on Monday. 
  • The renewable energy-focused Layer 1 blockchain will use the funds to further develop its technology and build partnerships. 

GRNGrid, a renewable energy-focused Layer 1 blockchain, announced on Monday that it has secured a $50 million investment from Bahamas-based venture capital firm GEM Digital.

The money will be used to build partnerships, connect with exchanges and improve GRNGrid's blockchain technology, according to a press release from the Swiss project on Monday. 

The Layer 1 blockchain was built to be environmentally friendly and scalable, allowing users to select only nodes running with renewable energy to verify transactions. According to the firm's whitepaper, renewable nodes are certified for users to choose from, while the firm also enforces specific requirements on validators' hardware. 

"The GRNGrid will also register the devices of validators on grid through a smart contract and penalize any validator for repeatedly changing their hardware," the whitepaper reads. 

The blockchain's native token GRN Grid, which has the ticker G, has more than doubled over the past 24 hours, reaching $0.09 as of 10 a.m. UTC on Tuesday, according to data via CoinGecko.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.