Loan Launch Parallel Finance has raised $ 22 million in a series of A-financing rounds and valued Polka Dot and Kusama’s Decentralized Financing Protocol (DeFi) for $ 150 million.
This round is one of the largest launches of a project that relies on Polkadot’s multi-chain network and will take place months after Parallel’s $ 2 million pre-financing round. Polychain Capital was led by the participation of Lightspeed Venture Partners, Slow Ventures, Blockchain Capital and Alameda Research.
Parallel strives to drive growth as a DeFi alternative to market leader Ethereum, despite its slow processing speeds and high prices. Polkadot, a competitive multi-block ecosystem, does not yet have such a robust protocol landscape. Parallel’s answer is kusama, Polka Dot’s set of automated market manufacturing, participation, derivative services, and its tentative basic counterpart.
Yubo Ruan, the founder of the project, said Parallel has accumulated 3,000 users five months after its launch. Many of them, including sponsors, are institutional.
“The reason we attract many investors, especially the round-leading polychains, is because they are one of the largest holders of DOT and kusama (KSM).” They want to act in this area, DeFi. I want to use the protocol, “he said. Read more: $ 2 million will be raised by parallel financing of the initial loan, bringing more DeFi to Polka Dot, Kusama Prefecture.
He said Polychain and its venture capital associates would receive parallel management tokens instead of traditional principal payments. “We plan to hold a holding company (in a round of shares) in the future as soon as the protocol begins,” Luang said.
According to Luang, Parallel plans to double its staff in the next six months. He currently manages 20 players full time. He was the only one five months ago.
Rapid growth is required to meet the requirements of expansion. Luang wants to hire professional engineers who can build an ecosystem other than polka dots. Luang said Parallel would be a comprehensive brand with a foothold in several blocks.
We believe in the future of multi-chain. Polkadot is one of those who will work, Ethereum will work, Solana will work. “This is where Parallels are built,” he said, whenever problems were found in the DeFi-related area.
Each project has its own entity. “This $ 150 million valuation is only for polka dot chains,” he said.