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.