- Parallel Finance allows users to borrow using NFT as collateral.
- Users can also purchase or bid NFTs with leverage via its app.
- Ethereum-backed NFT fi is now in beta and will launch globally this coming June.
Yubo Ruan, Founder of Parallel finance, announced via tweet that the company will soon launch its Ethereum-based non-fungible token finance (NFT fi) through its platform. Noting that the company is “taking the concept of ‘utility’ in NFTs to a new level.”
Read CRYPTONEWSLAND on
google news
According to its website, the Ethereum-backed NFT fi is now in its beta version. Upon global launch, users will be able to profit, leverage, and insure their NFTs through the app. The company will allow users to buy or bid NFTs with leverage and avail loans using NFTs as collateral.
“Our NFT DeFi Market on ETH will be the 7th product we launch in Q2 2022 and definitely not the last,” Ruan disclosed in a tweet on Monday following today’s announcement. He added:
“While the crypto market is down, we focus day by day on building and improving our products for the Multichain future.”
Parallel’s mission is to innovate and bring DeFi to 1 billion people. Founded in 2021, the company is creating a more secure and convenient decentralized platform to enable user access to financial services.
The “Parallel Super App” is a DeFi one-stop-shop app. It allows users to borrow funds to make investments to assets generated from one product to earn additional yields via the money market protocol. The app has more than 300,000 unique users, by far.
The platform launched through Kusama and Polkadot networks. However, the company’s newly announced NFT offer is going to be backed by Ethereum and Solana. Furthermore, the Ethereum-backed NFT offer is scheduled to launch in June 2022.
Recommended News :
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
