Parallel Finance Raises $5M at $500M Valuation – PYMNTS.com

Advertisements

Decentralized lending and staking protocol parallel finance raised $5 million in an extended funding round that gives the company a $500 million valuation, according to a press release on Tuesday (April 5).

The round was led by Coinbase, StarkWare and Section 32, a venture capital firm founded by the former head of Google Ventures. Founded in April 2021, Parallel Finance focuses on products and services related to decentralized finance (DeFi), including lending, trading, staking and derivatives on multi-chains.

The fresh infusion of capital will go towards developing products beyond Polkadot, the open-source, blockchain platform and cryptocurrency, and enter ETH and NFT-related DeFi groups. Parallel Finance is also looking to add tools like interest rate swaps for long-term growth to DeFi.

See also: 83% of Businesses Say Third-Party Software Applications Are Critical Part of Operating Strategy

“As we continue to pursue our mission of empowering users and bringing DeFi to mainstream society, we are beyond grateful to our investment partners for their support,” said Yubo Ruan, founder of Parallel Finance.

“The partnership of these impactful companies is a testament to the value that Parallel Finance provides and we are looking forward to reaching our fullest potential with innovative products and offerings for our users to enjoy,” Ruan said.

Read more: As New Crypto ETFs Continue to Spread Across Europe, the SEC Stands Almost in Opposition

“As DeFi continues to emerge, technical advancement, enhanced scalability and consumer accessibility are imperative,” said Andy Harrison, managing partner at Section 32. “We believe that Parallel Finance has the potential to change how consumers interact with DeFi and provide substantial industry growth in Polkadot and beyond.”

——————————

NEW PYMNTS DATA: WHY PATIENT PORTALS ARE BECOMING TABLE STAKES TO CONSUMERS

About: Patient portals are now a must-have for providers — so much so that 61% of patients interested in using the tools say they would switch to a healthcare provider that offers one. For Accessing Healthcare: Easing Digital Frictions In The Patient Journey, a PYMNTS and Experian Health collaboration, PYMNTS surveyed 2,333 consumers to learn how healthcare providers can relieve digital pain points to offer improved patient care and satisfaction.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Polkadot

Top 10 Cryptocurrencies With a Better Future Than Bitcoin – hackernoon.com

Cryptocurrencies gaining popularity due to their ability to provide smooth transaction payments in a...

By wpadminsonic164
Meghan Markle’s Summer Shorts Are The Chic Way To Go Short – STYLECASTER Polkadot

Meghan Markle’s Summer Shorts Are The Chic Way To Go Short – STYLECASTER

Scroll To See More Images If you purchase an independently reviewed product or service...

By wpadminsonic164
Bullish cryptos of the month: Calyx Token (CLX), Polkadot (DOT), and NEAR Protocol (NEAR) – Crypto Mode Polkadot

Bullish cryptos of the month: Calyx Token (CLX), Polkadot (DOT), and NEAR Protocol (NEAR) – Crypto Mode

With the global cryptocurrency market rebounding after a difficult period, it's only right to...

By wpadminsonic164
Polkadot

Ruler Harry and Meghan Markle kiss at polo match in uncommon PDA second – Page Six

Whoa Nelly! Prince Harry and Meghan Markle showed rare PDA Sunday as they kissed...

By wpadminsonic164
Cannes 2022: Deepika Padukone Flaunts Her Million-Dollar Smile In Green Polka-Dot Outfit – News18 Polkadot

Cannes 2022: Deepika Padukone Flaunts Her Million-Dollar Smile In Green Polka-Dot Outfit – News18

Bollywood actress Deepika Padukone is currently at the Cannes Film Festival and with each...

By wpadminsonic164
Efinity wins Polkadot’s sixth Parachain public sale – CryptoSlate Polkadot

Efinity wins Polkadot’s sixth Parachain public sale – CryptoSlate

Efinity joins the League of. at Speckle Parachain slot auction winners - Acala, Moonbeam,...

By wpadminsonic164
Can Logarithmic Finance (LOG) Repeat the 4000% Positive aspects of The Sandbox (SAND) and Compete with Polkadot (DOT)?  – www.crowdwisdom.reside Polkadot

Can Logarithmic Finance (LOG) Repeat the 4000% Positive aspects of The Sandbox (SAND) and Compete with Polkadot (DOT)? – www.crowdwisdom.reside

This is a sponsored advertising post. Nothing in this content should be construed as...

By wpadminsonic164
Harry Styles CBeebies Bedtime Stories: First pictures from episode – Metro.co.uk Polkadot

Harry Styles CBeebies Bedtime Stories: First pictures from episode – Metro.co.uk

Harry Styles will be reading In Every House, On Every Street (Picture: PA)CBeebies has...

By wpadminsonic164

Latest Posts

Could Calyx Token (CLX) be essentially as fruitful as major cryptos like Cardano (ADA) and Ripple (XRP)? – ANI News Cardano

Could Calyx Token (CLX) be essentially as fruitful as major cryptos like Cardano (ADA) and Ripple (XRP)? – ANI News

ANI | updated: May 24, 2022 10:02 IS New Delhi [India], May 24 (ANI/ATK):...

By wpadminsonic164
Bitcoin unter $50K! Kommt jetzt der BÄRENMARKT? Evergrande Zahlungsausfall! | Crypto News Videos

Bitcoin unter $50K! Kommt jetzt der BÄRENMARKT? Evergrande Zahlungsausfall! | Crypto News

NOCH FRAGEN? Schreib ein Kommentar und starte eine Diskussion! ABONNIEREN! Abonnier jetzt um nichts...

By wpadminsonic164
Prime 10 Altcoins to Watch Carefully in 2022 for Good Returns – Analytics Perception Stellar

Prime 10 Altcoins to Watch Carefully in 2022 for Good Returns – Analytics Perception

by Satavisa Pati January 1, 2022 You can invest in these top 10 altcoins...

By wpadminsonic164
Dogecoin: A very good entry set off for DOGE bulls could be discovered at… – AMBCrypto Information Dogecoin

Dogecoin: A very good entry set off for DOGE bulls could be discovered at… – AMBCrypto Information

Disclaimer: The findings of the following analysis are the sole opinions of the writer...

By wpadminsonic164
Polkadot

Top 10 Cryptocurrencies With a Better Future Than Bitcoin – hackernoon.com

Cryptocurrencies gaining popularity due to their ability to provide smooth transaction payments in a...

By wpadminsonic164
‘Night Sky’ Ending Explained and All Your Questions Answered – CNET Stellar

‘Night Sky’ Ending Explained and All Your Questions Answered – CNET

Prime Videos night sky might not be the most high-octane of sci-fi thrillers, but...

By wpadminsonic164
Binance stops Luna and UST exchanging following implosion – TechCrunch Binance

Binance stops Luna and UST exchanging following implosion – TechCrunch

Binance, the world's largest cryptocurrency exchange, has halted the trading of Terraform Labs' Terra...

By wpadminsonic164
Cardano

Ethereum, Ripple, Binance Coin, Cardano, and Polygon – Cardano Feed

This week, we take a closer look at Ethereum, Ripple, Binance Coin, Cardano, and...

By wpadminsonic164