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Parallel Finance Announces A Total Of $5M In Strategic Investment From Coinbase, Section 32, And Starkware

PRIVATEApr 05, 2022•about 4 years ago
Palo Alto

Description

Parallel Finance, the leading decentralized lending and staking protocol that aims to bring decentralized finance (DeFi) to the mainstream, today announced that Section 32, Coinbase, and other strategic funds have invested a combined $5M into Parallel Finance, for a total valuation of $500M in their latest extended strategic round.

Company Information

Company

Parallel Finance

Location

Palo Alto, California, United States

About

Parallel Finance is an institutional-grade lending protocol backed by the likes of Sequoia, Founders Fund, Polychain, Lightspeed Venture Partners, Slow Ventures, Blockchain Capital and Alameda Research. Parallel Finance specializes in decentralized finance-related services and products, which include lending, trading, staking, and derivatives on multi-chains while assuring user safety and security. Since its inception in April 2021, Parallel Finance seeks to add more pragmatic tools like interest rate swaps for long-term growth to DeFi. Parallel offers leverage staking and auction lending as its primary services, offering higher yield and more opportunities to users to become the go-to lending solution for Polkadot (DOT) and Kusama (KSM) stakers. Parallel Finance has already achieved over $700 mil in TVL and has captured 22% of the total DOT crowdloan market to date, beating out top crypto heavyweights Binance and Kraken for crowdloan contributions. It seeks to bring further transparency in terms of the quality of borrowers and their debts. Parallel Finance's credit reporting system provides lenders with an additional line of defense and brings a check against rogue institutional borrowers. For more information, visit https://parallel.fi/. SOURCE Parallel Finance

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