Parallel Finance Founder Yubo Ruan Shares Tips To Identify Potential Crypto
- Ruan started his first venture capital firm, Skylight Investment.
- Ruan founded Alisimba Technologies in China’s capital city of Beijing.
The achievements of Yubo Ruan, who is just 25, are probably beyond the imaginations of most of his contemporaries. When he was a high school student, Ruan founded Alisimba Technologies in China’s capital city of Beijing with the help of 13 innovation prizes and five patents.
Ruan started his first venture capital firm, Skylight Investment, while still in college to make investments in cutting-edge technology that had the potential to challenge the status quo. 8 Decimal Capital, his second venture capital firm, was founded in 2017 with a specific emphasis on blockchain and cryptocurrency startups.
This time around, the serial businessman is going for the decentralized banking dream with his new lending venture, Parallel Finance, to billion people. It is supported by some of the most notable venture capitalists in the industry, including Sequoia Capital, Peter Thiel’s Founders Fund and Polychain, Pantera Capital and more. In August, the company raised $22 million in a Series A fundraising round, bringing its total capital raised to $150 million.
The Value of Arriving Early
In early 2014, Ruan was introduced to crypto. He encountered a bunch of Bitcoin and Ethereum miners while working on his first firm at Beijing’s famed Garage Café, which used to take bitcoin as a form of payment. In the wake of that incident, he learned the value of arriving early. Solana (SOL) and Polkadot (DOT) were two of the investments he made in 2019 while overseeing the $60 million VC fund at 8 Decimal Capital, according to Ruan.
Read More: Solana Price Prediction
Read More: Polkadot Price Prediction
The early stakes have been well-rewarded. It was approximately lunchtime on Friday, and Solana, the fifth-largest cryptocurrency by market value, was selling at roughly $148 per coin. Polkadot was trading at $27 per coin. Looking for long-term opportunities, he considers the founder’s qualities, fair and not too low, and the impact of the network as the three main criteria to consider for a potential investment.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
