Parallel Finance, a Polkadot-based lending and staking protocol, has announced a $5 million strategic funding round at a $500 million valuation, twice that of itslast November. Investors included Coinbase , StarkWare and Section 32, a venture capital firm founded by the former head of Google Ventures.
The strategic funding will help Parallel Finance expand its super app on the Polkadot ecosystem and beyond. The focus will be on research and development, product expansion, user base growth and increasing the total value locked on the protocol. Parallel Finance has plans to expand its super app beyond the Polkadot ecosystem, initially with Ethereum. There are also plans to expand into the non-fungible token space by supporting NFTs as collateral on the lending protocol.
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