GRN Association secures 50 million dollars for sustainable blockchain

The GRN Association will be in a position to advance the development of the “world’s first sustainable blockchain” after securing an investment worth 50 million US dollars. The venture capital is being supplied by the UK firm GEM Digital Limited, which specializes in digital currencies. According to a press release, users will be able to only use nodes that are powered exclusively by renewable energy for their transactions on the GRN Grid platform. In addition, there are plans for users to vote on donations to renewable energies. The platform is scheduled to go live in the second quarter of 2023.

According to the press release, the GRN Association intends to use the fresh capital to further develop the connectivity of its scalable and stable Layer 1 blockchain platform GRN Grid with leading crypto exchanges. Moreover, new partnerships are to be agreed and the blockchain technology and infrastructure will be expanded.

The GRN Association also states that GRN Grid is the first blockchain to feature a consensus method. This will deliver increased security, enhanced decentralization and improved financial sustainability.

“The GRN Association is confident that with the support of GEM investment and the community, it can bring GRN Grid to fruition”, comments Frederik Vyncke, Director of the umbrella organization GRNBi, in the press release. It wants to “be setting the tone for a renewable blockchain with innovative features and create a sustainable development”.