Web3 Super App ParaX Receives Investment from Metalpha (NASDAQ: MATH)

ParaX, a Web3 Super App coming from the merger of ParaSpace and Parallel Finance, announced a strategic investment from Metalpha MATH, a global digital asset-based wealth management company based in Hong Kong.

As a broader, omni-chain platform that encompasses existing ParaSpace and Parallel products, ParaX aims to empower users with their new Web3 ecosystem. Powered by account abstraction and zkVM, ParaX brings the needed infrastructure to enhance the existing Web3 experience and pave the way for mass adoption, across all chains.

ParaX Features Include:

1. Multi-chain Account Abstraction: allowing users to easily manage and control their multi-chain assets and identities
2. Meta User Interface: a unified interface that lets users interact with their favorite apps from a single dashboard
3. Mini Apps: the platform allows developers to build within the ParaX ecosystem, alongside their existing ParaSpace and Parallel products
4. zkVM: a zk-based virtual machine that powers more complex ParaX applications
5. ParaX AI: an AI-driven middle layer allowing users to query specific intentions into actionable transactions, reducing the barrier to Web3

Since launching their new app earlier this month, ParaX has already seen a huge demand, resulting in over $45m in Total Value Locked (TVL) across more than 1,700 users. The platform shows no signs of slowing down as it gets ready to release more upcoming features over the next few months, including omni-chain lending, a points and referral system, NFT shorting, and more.

With the team's history of successful products and their long-term strategic vision, ParaX has secured a strategic investment from Metalpha MATH. As one of the largest derivatives traders in Asia, with shareholders such as Antalpha, Metalpha offers ParaX a unique opportunity to usher in a new era of Web3 with innovative crypto derivatives products and bespoke hedging solutions.

About Metalpha Technology Holding Limited

Metalpha, through its subsidiaries, offers crypto wealth management and traditional wealth management services(SFC Type 4 and 9 licensed). Metalpha aims to provide the best crypto derivative products to institutions, including exchanges, crypto mining companies, investment funds, and family offices. Backed by both Metalpha Technology Holding Limited MATH and Antalpha Technologies Limited, the company is one of the largest derivatives traders in Asia.

About ParaX

Parallel Finance was founded in 2021 by Yubo Ruan. Ruan, a tech entrepreneur and venture capitalist, sold his first company in high school. Before joining the crypto industry, Ruan ran a crypto fund in 2017 with $60m AUM. He is a co-founder of Skylight Investment, an early stage tech fund backed by New Oriental EDU. Ruan launched Parallel Finance in 2021 with the goal of bringing DeFi to 1 billion people. Since Parallel launched, the protocol has become one of the largest Super Apps within the Polkadot ecosystem, with more than $180m TVL and 300,000 users.

In December 2022, Parallel Finance incubated ParaSpace, marking another innovative step by Ruan in the newly formed NFT finance ecosystem. ParaSpace has made great strides since launching, becoming a leading NFT lending platform with more than $80m TVL and 10,000 users.

The success of these two companies has positioned Parallel to raise more than $30 million from leading VCs, including Polychain, Coinbase, Starkware, Sequoia, and more. The merger combines both Parallel Finance and ParaSpace teams, which now boasts 40+ members with best-in-class experience from Stanford, Berkeley, Amazon, and other leading Web2 and Web3 companies. The company is advised by Dan Boneh, an illustrious leader in cryptography and professor at Stanford, and Naval Ravikant, an esteemed entrepreneur and investor. With these accolades and world-class partnerships, the new ParaX platform will pave the way for the future of Web3.

Media details:

City: San Francisco

Company name: Parallel Technology Holdings

Website: https://parax.ai/

Contact: yubo@parallel.fi

Email Address: yubo@parallel.fi

The post Web3 Super App ParaX Receives Investment from Metalpha MATH appeared first on Globe PR Wire.

COMTEX_441205685/2845/2023-09-29T12:47:13