The GRN Association has secured $50 million investment for the GRNGrid project from GEM Digital, a venture capital firm focused on digital currencies.
GRNGrid is an environmentally friendly, scalable and stable Layer 1 blockchain. Users will have the choice to only use nodes running exclusively on renewable energy for their transactions.
Aiming for launch in Q2 2023, the firm says prospective renewable energy partners which specialise in data centre and hosting facilities have shown keen interest in running Grid’s nodes as validators.
The company says its proof-of-stake consensus mechanism is specifically designed to tackle cryptocurrency whales – investors which hold large amounts of crypto and therefore can destabilise the market with their actions – and achieve fairer distribution.
Features such as GRNPay and Exnode also aim to encourage developers and consumers to connect on GRNGrid.
The new funding will be invested in further connectivity with crypto exchanges, adding new global professional partnerships and building out its blockchain technology and infrastructure.
GRN ($G) is the native token of GRNGrid.
The GRN Association is a Swiss-based non-profit organisation and protects the sustainable vision of GRNGrid – which as well as providing funding to environmental projects.
“The GRN Association is confident that with the support of GEM investment and the community, it can bring GRN Grid to fruition and be setting the tone for a renewable blockchain with innovative features and create a sustainable development,” said director Frederik Vyncke.