Graph Blockchain (CSE: GBLC) this morning announced that it has deployed capital into that of Polkadot, a digital currency token, for the purpose of staking. The capital was deployed via its cryptocurrency subsidiary Babbage Mining Corp.
A total of 20% of the firms total staking capital was allocated to DOT, with hard financial figures not provided by the company. Further data on the allocation is set to be released as the project develops.
Polkadot was selected for staking as a result of its wide community support as a digital currency. Whereas Ethereum, which is the go-to smart contract platform, has had struggles meeting the demands from the network, Polkadot has been developed to be the solution. Developed by a cofounder of Ethereum, the currency enables blockchain networks to work together by stacking protocols on its base layer.
“We are extremely excited to be deploying funds into our initial token purchase and management and the board have taken great care in developing a process as we move forward to tokenize the Company’s cash position and grow the crypto business. The Company is greatly confident with the team and look forward to building on this first purchase of a cryptocurrency with the Polkadot token.”
Paul Haber, CEO of Graph Blockchain
Graph Blockchain last traded at $0.185 on the CSE.
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