Parallel Finance announced it has raised $22 million in a Series A financing round – Parallel Finance announced it has raised around $22 million in a Series A financing round. This comes 2 months after the startup secured $2 million to make DeFi a larger part of the Polkadot ecosystem.
According to reports, Polychain Capital led the round. Moreover, there were many angel investors as well. This includes Slow Ventures, Blockchain Capital, Lightspeed Venture Partners, and Alameda Research.
Parallel Finance aims to become a DeFi “brand” across various blockchains. Also, it aims to answer the lack of lending protocols in the Polkadot and Kusama ecosystem.
In addition, Parallel’s solution is a set of computerized market-making, staking. And also, derivatives help for Polkadot and its staging-ground equivalent, Kusama.
As per the Project founder Yubo Ruan, Parallel is bringing many users as it has amassed 3,000 users in the 5 months after launch. Furthermore, Ruan added,
The reason that we bring a lot of investors – especially Polychain leading the round – is because they are one of the largest DOT holders and Kusama (KSM) holders. They want to have yield in this space, they want to have use of DeFi protocols.
Aside from this, Ruan noted that Polychain and its VC matches got Parallel’s governance tokens, adding,
We plan to do an equity [round in a] holding company in the future once we launch the protocol.
As he continues, he said Parallel would become a sunshade brand with spaces across many blockchains. Following this, Ruan stated,
We believe in a multichain future. Polkadot is one of them that will do well, Ethereum is going to do well too, Solana is going to do well. Whenever we find problems in the space related to DeFi.