Parallel Finance Increases its TVL with a Successful Funding Round

Polkadot-based lending protocol Parallel Finance aims to create an all-in-one shop for decentralized finance products. Its upcoming debut will feature projects for staking, cross-chain bridges, cryptocurrency wallets, lending, yield farming, and automated market-making.

With its successful funding round, Parallel Finance has gathered $5 million with a $500 million valuation, going twice compared to last year’s token round. Investors in this strategic funding round were led by Coinbase, a big crypto exchange, Section 32, a venture capital company, and StarkWare, a blockchain tech firm.

Trusted crypto exchange Coinbase will support Parallel Finance’s expansion and software projects. Meanwhile, Section 32 will help in gaining support for Parallel Finance ventures in Web 3.0 projects. And lastly, the protocol will also integrate with StarkWare’s Starknet, an efficient alternative for Ethereum’s high fees and congestion.

These new funds will be used for Parallel Finance’s expansion on the Polkadot network. The funds will also support the research and development based on the product’s growth. Another goal is to attract more new users that will contribute to boosting the total value locked (TVL) on the platform.

Parallel Finance has also launched a “super app” that will shake the ground of the DeFi world. NFTs will also be utilized in the platform as collateral for loans.

CEO Yubo Ruan also confirmed that there will be a Series B funding round in the second quarter. Parallel Finance has a lot of plans to increase the adoption of its platform. They want to expand their product line and support more collateral types in their non-custodial lending wallet.

The team sees a great future for the company and has ambitious goals for the coming year, including building out new products and expanding into new areas of finance.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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