Pharos, a Layer 1 blockchain founded by former executives of Ant Group and Alibaba, has announced a strategic investment from GCL New Energy, valuing the company at nearly $1 billion. Pharos aims to develop a high-throughput, payment-grade L1 network, leveraging expertise from its core team who previously led the development of Alipay's critical payment architecture. GCL New Energy's investment seeks to explore blockchain applications in green energy finance and the digitization of renewable assets.