DeFi has nearly reworked and entered into nearly each conventional finance sector that we all know of. The concept of decentralizing finance for all stakeholders and giving the facility of peer-to-peer finance transactions to everyone seems to be fascinating for the entire world. Nonetheless, we’re within the very early phases of DeFi, and it has not but reached the broad spectrum of the inhabitants that makes use of quite a few centralized monetary devices each day.
Quite a few challenges within the present DeFi ecosystem have created friction for its widespread adoption. Yubo Ruan is fixing this problem for the plenty together with his DeFi enterprise Parallel Fi, valued at $500m within the latest funding spherical. He’s on a mission of constructing DeFi accessible for a billion individuals, and the propositions of Parallel Fi align with making {that a} actuality.
Nonetheless, to grasp what Yubo and Parallel Fi is attempting to realize and the way forward for DeFi, you’ll want to know the way it works.
Uncovering The New Approach Of Finance
The normal world of finance is centralized at a number of ranges, with middlemen and gatekeepers regulating and controlling each monetary exercise. Each end-user who needs to entry any monetary service, together with loans, mortgages, or buying and selling, should undergo a intermediary. These middlemen, within the type of lenders, banks, establishments, and others, cost quite a bit to make even the fundamental amenities out there to the tip person.
DeFi adjustments it utterly! DeFi empowers the end-user by giving him/her entry to all monetary devices with out middlemen. DeFi makes use of cryptocurrency and blockchain expertise to energy monetary transactions. With correct implementation and expertise, DeFi has the facility to democratize all monetary providers sectors. That is exactly what Yubo Ruan is doing with Parallel Fi.
Who Is Yubo Ruan?
Yubo Ruan, at simply 25 years of age, has accomplished wonders in his entrepreneurial journey. He has been opening companies since he was in College. He based Alisimba Applied sciences throughout highschool, which was later acquired in 2016.
Yubo received 13 awards and bagged 5 patents for all his ventures and achievements throughout highschool. All this expertise helped him discover disruptive applied sciences together with his 1st VC fund, Skylight Funding.
This was simply the beginning, and in 2017, Yubo launched Eight Decimal Capital, his second VC fund. He used his prior expertise within the crypto world (of his highschool and early school days) to win large with crypto investments in Eight Decimal Capital (valued at $60 million).
Amongst lots of his profitable investments had been his Six-figure funding in SOL when it was valued round 30-33 cents, adopted by one other $1 million funding in Polkadot (DOT) when it was buying and selling under $1. Not simply these, however he additionally invested in Chainlink, chia, 0X, and Securitize.
Yubo has been the recipient of quite a few awards, together with being talked about on the AACYF 30 beneath 30.
How Is Parallel Fi Making DeFi Mainstream?
Parallel Fi is backed by Sequoia Capital and has grown to a valuation of $500 Million after the latest funding spherical funded by Section32 capital. It already has 100,000 international customers that use its big selection of providers, together with swaps, staking, crowd loans, pockets, or minting stablecoins, and others.
Parallel Fi has acquired funding and backing from quite a few distinguished VC funds. These embody Sequoia Capital, Polychain Capital, billionaire Peter Thiel’s Founders Fund, Lightspeed Ventures, Pantera Capital, and others.
Within the present situation, customers would ideally need to go on 10 totally different web sites and can’t carry out all forms of monetary transactions in a single place. The platform is presently constructed on the Polkadot ecosystem, and Yubo is engaged on growing it on the Ethereum ecosystem. The platform’s use instances have helped it lock $280M in whole worth locked (TVL), as seen on DefiLlama. DefiLlama is the biggest TVL aggregator for DeFi and one of the vital dependable sources of knowledge.
Challenges In The DeFi World & How Parallel Fi Is Fixing Them
The present world of DeFi is filled with scams of various varieties. Parallel Fi is fixing this downside by changing into one of many most secure choices for utilizing totally different monetary providers. Yubo can also be engaged on making a permissioned app retailer which might additional improve the penetration and acceptance of DeFi among the many broader sections of society.
The Future Forward
The Parallel Fi crew is engaged on making the platform even simpler to make use of, environment friendly, and compliant with all regulatory our bodies. The approaching months and years will unfold the alternatives and adjustments DeFi will convey to society.
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