Parallel Finance, Polkadot-based decentralized finance (DeFi) protocol that offers lending and stacking services, has raised $ 21 million in a Series A funding round. Polychain Capital led the round, which was also attended by Lightspeed Venture Partners, Slow Ventures, Alameda Research, Blockchain Capital, CMT Digital, Block change Ventures, and others. According to the founder of Parallel Finance, Yubo Ruan, this was an equity round, and the project is aiming for a valuation of $150 million. In June, $2 million was raised for the project, bringing the total amount of funding to date to $23 million.Parallel Finance has launched just five months ago and is currently being tested in the Polkadot and Kusama networks. The protocol offers two key services: leverage placement and liquidity mining. Leverage stacking allows users to borrow against their assets to increase their profitability, and liquidity mining allows users to bet their Polkadot (DOT) tokens to receive their own Parallel (PARA) tokens. You can read more about the protocol in a separate article. Parallel plans to launch the main network in the fourth quarter of this year, Ruan said. According to him, to this end, the project plans to expand its current team of 20 people, mainly hiring engineers.
Finance and Business Reporter