Parallel Finance Launches ETH-Backed NFT Finance Beta

Parallel Finance Launches ETH-Backed NFT Finance Beta
  • 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.”

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.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.