Lending Platform Parallel Finance Raised $5M in Funding Participated by Coinbase and the Like

Parallel Finance, a lending platform based on Polkadot, raised $5 million in funding invested by the likes of Coinbase, StarkWare and Section 32. With the money Parallel Finance will spend more on research and product development, gaining new users and increasing TVL on the platform. Parallel Finance is a one-stop-shop DeFi platform on Polkadot, whose products are related to crypto wallets, staking, crowdloans, cross-chain bridges, automated market making and yield farming. Parallel Finance is said to be valuated at $500M at the moment, and planning to raise two more tranches of funding during the second quarter this year.