- Parallel Finance has announced the completion of a $22 million Series A funding transaction.
- It seeks to address the Polkadot and Kusama ecosystems’ lack of lending mechanisms.
Parallel Finance has announced that it has raised about $22 million in a Series A funding round. This comes two months after the firm raised $2 million to expand DeFi’s presence in the Polkadot ecosystem.
Polychain Capital, according to reports, led the financing. There were also a lot of angel investors. Slow Ventures, Blockchain Capital, Lightspeed Venture Partners, and Alameda Research are among those involved.
Parallel Finance aspires to be a DeFi “brand” across several blockchains. It also seeks to address the Polkadot and Kusama ecosystems’ lack of lending mechanisms.
Parallel’s solution also includes a suite of computerized market-making and staking tools. Derivatives also aid Polkadot and its staging-ground counterpart, Kusama.
According to the project’s inventor, Yubo Ruan, Parallel is attracting a large number of users, having collected 3,000 users in the five months since its inception. Ruan went on to say,
We attract a big number of investors, particularly Polychain, who is heading the round, because they are one of the major DOT and Kusama (KSM) holders. They want yield in this space, and they want to utilize DeFi protocols.
Parallel’s governance tokens were also distributed to Polychain and its VC partners according to the report.
Once we deploy the protocol, we aim to raise stock in a holding company.
“Parallel will become a sunshade brand with spaces spanning multiple blockchains,” he says. Ruan continued by saying,
In the future, we see a multi-chain Polkadot, Ethereum, and Solana are all going to perform well. As soon as we discover difficulties in the space connected to DeFi.