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

DeFi • January 28, 2021, 2:32PM EST
The Block

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.

AUTHOR

Aislinn Keely profile picture Aislinn Keely

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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