Polkadot based Credit Protocol Parallel Finance aims to create an all-in-one shop for decentralized finance products. The upcoming debut will include projects for staking, cross-chain bridges, cryptocurrency wallets, lending, yield farming, and automated market making.
With its successful funding round, Parallel Finance has raised $5 million with a valuation of $500 million, double the amount compared to last year’s token round. Investors in this strategic funding round were led by Coinbase, a major crypto exchange, Section 32, a venture capital firm, and StarkWare, a blockchain technology company.
Trusted Crypto Exchange coin base will support Parallel Finance’s extension and software projects. In the meantime, Section 32 will help garner support for Parallel Finance ventures in Web 3.0 projects. Finally, the protocol will also be integrated into StarkWare’s Starknet, an efficient alternative for Ethereum’s high fees and congestion.
These new funds will be used to expand Parallel Finance on the Polkadot Network. The funds will also support research and development based on product growth. Another goal is to attract more new users that will help increase the overall value (TVL) on the platform.
Parallel Finance has also launched a “super app” that will shake the earth DeFi world. NFTs are also used as collateral for loans on the platform.
CEO Yubo Ruan also confirmed that there will be a Series B funding round in the second quarter. Parallel Finance has many plans to increase the adoption of its platform. They want to expand their product range and support more collateral types in their non-custodial credit exchange.
The team sees a bright future for the company and has ambitious goals for the coming year, including building new products and expanding into new areas of finance.
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