Pharos, an L1 blockchain founded by former executives of Ant Group and Alibaba, announced a strategic investment from GCL New Energy, valuing the company at nearly $1 billion. Pharos aims to build a payment-grade, high-throughput L1 network, and its core members previously led the development of Alipay's key payment architecture. GCL New Energy stated that this investment aims to explore the application of blockchain technology in green energy finance and the digitization of renewable assets.
Pharos receives strategic investment from GCL New Energy, valuing the company at nearly $1 billion.
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