$22M Investment Round in Parallel Finance Lead By Polychain Capital
The newest Parallel Finance funding round garnered several million dollars in risk capital funds. Polkadot’s Parallel on August 30, DeFi lending and staking protocol announced a $22 million Series A funding investment in a $150 million round.
Polychain Capital led the investment, including conventional investors such as Alameda Research, Blockchain Capital, Slow Ventures, and Lightspeed Venture Partners.
Parallel lists this as one of the largest funding rounds in Polkadot’s Kusama network. Followed by a $2 million pre-seed round in June. Moreover, for the Polkadot ecosystem, Parallel offers automated network and test-bed blockchain, market staking, auctioning, and derivative trading.
Yubo Ruan, the project’s inventor, said institutional backers are deeply involved in Polkadot’s ecosystem:
“The reason that we bring a lot of investors – especially Polychain leading the round – is because they are one of the largest DOT holders and Kusama (KSM) holders. They want to have yield in this space, they want to have use of DeFi protocols.”
Furthermore, the Kusama parachain revealed a crowdlending campaign, by Parallel late last week. Heiko Finance plans to establish Polkadot’s “canary network.”
Ruan says DOT and KSM investors must choose between lending and staking. Unstaked tokens result from higher loan rates than staking rates, and holders stake DOT.
Parallel Finance, as the name suggests, tries to address this issue. By allowing holders to borrow assets in addition to staking derivatives. The protocol will utilize the money to grow its workforce to 20 employees.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
