Switzerland-based GRN Association has raised $50 million for its environmentally friendly and stable Layer 1 blockchain platform with DeFi features, GRNGrid. The new funding comes from venture capital focused on digital currencies, GEM Digital.
The new cash will drive further connectivity with top crypto exchanges and enable the platform to add new global partnerships, and build out its blockchain technology and infrastructure.
According to the company, GRNGrid project is expected to offer users the choice to only use nodes running exclusively on renewable energy for their transactions. The blockchain with a consensus method will deliver increased security, enhanced decentralisation, and better financial sustainability. The project, which will be rolled out by Q2 of 2023.
The association also handles the ReCharge program, which enables GRNGrid validators to repurpose their hardware and cut back on electronic waste.
Frederik Vyncke, director at GRNBi said: “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.”