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Blockchain Middleware Project PARSIQ Raises $3 Million From Solana Foundation and VC Investors | CoinCodex

Finance

coincodex.com 15 June 2021 11:00, UTC
  
Reading time: ~2 m

Key highlights:

  • PARSIQ has raised $3 million from Solana Foundation and multiple venture capital firms
  • PARSIQ's platform allows users to monitor activity on blockchains and feed the data into off-chain applications
  • This represents PARSIQ's first capital raise after the project's 2019 public token sale

PARSIQ raises $3 million from Solana Foundation and VC firms

PARSIQ, the developers of middleware that connects blockchain activity to off-chain applications, have raised a $3 million round led by the Solana Foundation. Venture capital firms like Mindworks VC, Axia8 Ventures, Krypital Group, and others also participated in the round. 

In addition, the round was also backed by Evan Cheng, who serves as the director of research at Novi Financial (Facebook’s blockchain wallet subsidiary formerly known as Calibra). Cheng recently joined PARSIQ as a technical advisor and investor. 

The $3 million round represents the first time the PARSIQ project raised funds after its 2019 public token sale. The project’s PRQ token currently has a market capitalization of about $110 million. 

In a press release, the PARSIQ team says it intends to use the fresh funding to help secure new strategic partnerships and improve the project’s position in the crypto ecosystem. 

With PARSIQ, users can monitor on-chain activity on blockchains like Bitcoin, Ethereum and Solana, and set up smart triggers that respond to specific conditions – for example, a whale’s wallet making a large transaction. This information can then be fed into off-chain applications and leveraged in different use cases, ranging from simple alerts to complex automated trading systems. 

PARSIQ’s platform already offers support for the Solana blockchain, and the team says it will be working with the Solana Foundation to bring the technology to more projects building on Solana.  

Here’s what Solana Labs CEO Anatoly Yakovenko had to say about backing PARSIQ: 

“Having reliable and simple access to blockchain data on Solana means that projects building on our platform will have fewer headaches in building out their stack, allowing them to concentrate on their product and PARSIQ is positioned to help bridge the off-chain and on-chain world.”

PARSIQ CEO Tom Tirman commented that even though the project had sufficient runway before this $3 million raise, the new funding will enable the project to “mount the strongest marketing and development push for PARSIQ yet”.


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