News01 September 2021

Decentralized Finance Protocol Parallel Finance secures $22M in a Series A Funding

Parallel Finance

Summary

  • Parallel Finance announces a $22M funding
  • Investing round led by leading players in the DeFi ecosystem
  • The round was the largest yet in the Polkadot ecosystem
  • Parallel Finance plans to expand its DeFi investors numbers

Early Monday morning, Parallel Finances announced that it raised $22 million from its Series A funding round.

Polychain Capital led the Polkadot’s decentralized finance protocol investing round, alongside Alameda Research, who were joined by key players in the DeFi ecosystem, notably Blockchain Capital, Slow Ventures, Blockchain ventures, CMT Digital, and Lightspeed Venture Partners, among others.

This funding round was notably the largest in the Polkadot ecosystem. This round of funding was an equity round where investors earned stocks in parallel. The protocol seeks to expand its operations to hire more engineers and developers as it seeks to earn a spot in the ever-growing DeFi space.

Parallel Finance is a DeFi protocol that offers auction loans, margin staking, automated market marker curve, and staking derivatives, facilitating higher yields for Polkadot holders. The protocol also supports leverage staking and liquidity mining.

Kibet Elikana
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