DeFi platform Parsec launches with $1.25 million seed round led by Polychain

Jan 28, 2021 | The Block News | 0 comments


An application aiming to be the decentralized finance (DeFi) system’s all-in-one trading platform has launched, and it’s already gotten a seal of approval from a number of crypto’s biggest venture capital firms.

Polychain Capital led Parsec’s $1.25 million funding round, with participation from Robot Ventures, Volt Capital, Free Company as well as Eric Conner, Alex Pack and Will Price. Details of the round were included in a Medium post penned by founder Will Sheehan and published Thursday.

Before this seed round, Parsec had raised a small pre-seed from Polychain’s incubator program.

The seed funding will allow Parsec to layer “complimentary services” on top of its flagship product: an interface that aggregates 30 information components and in-app trading.

“The funds will be used to build a world-class team to achieve our lofty goals,” he told The Block in an email. 

Parsec’s app represents an attempt to craft an experience in DeFi “similar to that of a professional brokerage account without the friction of custody,” according to Sheehan.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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