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Polkadot-Based Parallel Finance Snags $22 Million In Series A Financing, Led By Polychain Capital
Summary: Parallel Finance, a decentralized finance (DeFi) agreement based on Polkadot, completed a $22 million Series A financing with a valuation of $150 million. Polychain Capital led the investment, Lightspeed Venture Partners, Slow Ventures, Alameda Research, Blockchain Capital, CMT Digital, Blockchange Ventures, and others participated. Yubo Ruan, the founder of Parallel Finance, said that this is a ...
Parallel Finance, a decentralized finance (DeFi) agreement based on Polkadot, completed a $22 million Series A financing with a valuation of $150 million. Polychain Capital led the investment, Lightspeed Venture Partners, Slow Ventures, Alameda Research, Blockchain Capital, CMT Digital, Blockchange Ventures, and others participated.
Yubo Ruan, the founder of Parallel Finance, said that this is a round of equity financing. In June, the project raised $2 million, bringing its total funding to $23 million.
Parallel Finance has launched five months ago and is currently being tested on the Polkadot and Kusama networks. The agreement provides leveraged mortgage and liquidity mining. Leverage staking allows users to borrow with pledged collateral to increase revenue, while liquidity mining allows users to pledge their Polkadot (DOT) tokens to receive Parallel's native tokens.
The team plans to launch its mainnet in the fourth quarter of 2021.
By Mary Liu
Tags: Alameda Research,DeFi,Lightspeed Venture Partners,Parallel Finance,Polkadot,Polychain Capital,Slow Ventures
Link: Polkadot-Based Parallel Finance Snags $22 Million In Series A Financing, Led By Polychain Capital [Copy]
