The Polkadot-based decentralised finance protocol Parallel Finance closed a Series A round worth $22 million. The project’s valuation reached $150 million.
📢 We just raises $22 Million in Series A Funding，which is leading by @polychaincap , The Largest Round In The Polkadot Ecosystem. @Polkadot @kusamanetwork https://t.co/pISV2Wa9Wy
— Parallel Finance (@ParallelFi) August 30, 2021
The round was led by Polychain Capital. It also included Lightspeed, Slow Ventures, Blockchain Capital and Alameda Research.
In June the project attracted $2 million. Parallel Finance was launched five months ago and is undergoing testing on the Polkadot and Kusama networks. The protocol offers two core services: leverage lending and liquidity mining.
Parallel Finance currently has 3,000 users. The project plans to expand its user base several-fold over the course of the year and hire new staff.
In May, the Polkadot-based derivatives platform dTrade raised $6.4 million. Seed-round participants included Three Arrows, DeFiance, Huobi and Polychain.
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