Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel

Posted on by American Coins & Gold

Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel
Sequoia Capital is backing a seven-figure token round for decentralized finance (DeFi) lending project Parallel.The round, which values the Polkadot-based protocol at $250 million, comes less than two weeks after Sequoia pledged to restructure its investing playbook to, in part, more aggressively court crypto plays. Fellow venture capital giant Andreessen Horowitz (a16z) did the same in 2019; it now raises multibillion-dollar funds exclusively for crypto.Whether Sequoia will move as aggressively as a16z is unclear, though the investment in Parallel speaks to a willingness to invest in early-stage crypto teams.Parallel is building a fast-growing project on Polkadot, a crypto network that…