PARALLEL FINANCE CONTINUES RAPID PRODUCT EXPANSION WITH LAUNCH OF OMNI: NFT MONEY MARKET

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PARALLEL FINANCE CONTINUES RAPID PRODUCT EXPANSION WITH LAUNCH OF OMNI: NFT MONEY MARKET



Announcement comes on the heels of seven latest product launches, advancing Parallel Finance’s mission to mainstream decentralized finance
PALO ALTO, Calif., June 23, 2022 /PRNewswire/ — Parallel Finance, the main decentralized lending and staking protocol that goals to deliver decentralized finance to the mainstream, right now introduced the launch of Omni NFT Cash Market constructed on Ethereum.
Omni is a decentralized protocol with the inspiration of offering lending and borrowing companies for varied property on the Ethereum blockchain. Customers can lend their NFTs and ERC-20 tokens to earn revenue within the type of curiosity. Moreover, customers can use their loaned property as collateral for borrowing extra property. With the latest rise of NFT prominence, Parallel Finance goals to implement the primary protocol upgrades by including worth to the NFT ecosystem by means of enhancing value discovery and liquidity.
“I consider in a future the place tokenized property proliferate with completely different sorts of utility, functions, and connection to real-life property,” stated Yubo Ruan, Founder and CEO of Parallel Finance. “Our mission is to empower DeFi customers by providing seamless and revolutionary merchandise. Because the DeFI sector continues to exponentially develop, we’re extremely excited to proceed to construct off this momentum.”
The Omni protocol goals to supply customers entry to money and earnings with out promoting their property. Omni makes use of a pool-based cash market mannequin whereby customers provide their property to a pool to earn curiosity and immediately borrow from the pool when collateralizing their asset.
Parallel Finance is concentrated on constructing infrastructures to handle trade progress, the launch of the NFT Cash Market comes on the heels of seven further product launches. Most not too long ago, Parallel Finance introduced Automated Market Maker (AMM), which permits customers to swap property by means of decentralized liquidity swimming pools, letting customers earn further yield on HKO and KSM pairs. Moreover, the group launched the brand new Cash Market, permitting customers to keep up liquidity with out having to promote their property. Parallel Finance’s rising product suite will increase the accessibility and liquidity of cryptocurrencies to merchants, traders, and market members world wide.
For extra info on Parallel Finance, please go to www.parallel.fi 

About Parallel Finance

Parallel Finance is an institutional-grade lending protocol backed by the likes of Sequoia, Founders Fund, Polychain, Lightspeed Enterprise Companions, Sluggish Ventures, Blockchain Capital and Alameda Analysis. Parallel Finance focuses on decentralized finance-related companies and merchandise, which embrace lending, buying and selling, staking, and derivatives on multi-chains whereas assuring consumer security and safety. Since its inception in April 2021, Parallel Finance seeks so as to add extra pragmatic instruments like rate of interest swaps for long-term progress to DeFi. Parallel gives leverage staking and public sale lending as its main companies, providing greater yield and extra alternatives to customers to turn out to be the go-to lending answer for Polkadot (DOT) and Kusama (KSM) stakers.
Parallel Finance seeks to deliver additional transparency by way of the standard of debtors and their money owed. Parallel Finance’s credit score reporting system offers lenders with a further line of protection and brings a test in opposition to rogue institutional debtors. For extra info, go to https://parallel.fi/.
SOURCE Parallel Finance



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