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GEM will receive tokens in exchange, while Trrue looks to develop blockchain technology with a focus on sustainability and regulatory compliance.
Dec 24, 2024, 1:17 p.m. UTC
Trrue, a layer-1 blockchain focused on environmental, social and governance (ESG) compliance and real-world asset tokenization received a $10 million investment commitment from GEM Digital, the company said in a press release on Tuesday.
The money will be used to accelerate the development of Ireland-based Trrue's platform, the company said.
GEM Digital is a Bahamas-based $3.4 billion alternative investment group that specializes in the digital asset sector. It will receive TRRUE tokens in return for the investment. The company invests in utility tokens listed on centralized (CEXs) and decentralized exchanges (DEXs).
The token is being offered at $0.10 on a number of launchpads, the company said on X, with a total of 300 million tokens being sold. Listing is planned for Dec. 27.
Trrue said it is dedicated to creating a blockckchain ecosystem that promotes transparency, accountability and sustainable investment opportunities, adding that the TRRUE utility token is central to this plan.
"With GEM's backing, we are equipped to accelerate our development, onboard impactful projects, and redefine how blockchain supports ESG-aligned initiatives," CEO Owen O'Driscoll said in the statement.
The funds will be used for product development, ecosystem growth and further exchange listings for the platform's utility token, the company said.
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
