Parallel Finance Closed $22M Funding at a Valuation of $150M, Led by Polychain Capital

Published by BingX Official at 2021-08-31

Today’s Cryptocurrency Headline

Parallel Finance, a decentralized money market project in Polkadot, announced the completion of a 22 million dollars funding round. This round was led by Polychain Capital, with participation from Lightspeed Venture Partners, Slow Ventures, Alameda Research, Blockchain.com and others. Parallel Finance is currently valued at $150M. This round of financing is the largest of the Polkadot ecological projects to date and will be used to expand the engineering team, security audit, etc in Parallel Finance.

Parallel Finance is a decentralized money market that provides lending and collateral products for Polkadot ecology, bringing more liquidity. Depositors can simultaneously lend and stake funds, earning double interest. In June, Parallel Finance raised 2 million dollars.

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Bitcoin was again trading in the range around $47,000. However, blockchain data shows a huge accumulated demand for Bitcoin, which underpins the recent rally. The price of Bitcoin is currently at the bottom end of a strong on-chain support zone. Bitcoin’s inability to break through the $55,000 pressure zone could be a sign that it might touch $30,000 again. It’s worth noting that Bitcoin has historically always closed in red during September since its launch. Investors should control their risk.