ParaX has rebranded to Parallel Finance and has raised over $30 million in funding.

According to official sources, the Web3 super app ParaX has been rebranded as Parallel Finance. BlockBeats reported on November 30 that the decentralized self-custody protocol is designed to protect digital assets from theft and private key compromise. The platform has raised over $30 million in funding from institutions such as Sequoia Capital, Polychain, Blockchain Capital, Coinbase Ventures, and Founders Fund. As a broader full-chain platform that includes existing ParaSpace and Parallel products, ParaX aims to provide users with a new Web3 ecosystem. With support for account abstraction and zkVM, ParaX brings the infrastructure needed to enhance the existing Web3 experience and pave the way for mass adoption across all chains.