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Parallel Finance Founder Yubo Ruan Awarded Hurun’s US Innovation Most Promising Person 2021

NEW YORK–(BUSINESS WIRE)–In the era of globalization, Chinese entrepreneurs are shining a blinding light abroad. Hurun’s 2021 US Innovation Outstanding Awards was released on November 23. Yubo Ruan, the founder of Parallel Finance, was selected as one of “the most promising individuals”.

Hurun Report is the world’s leading research organization, founded by Hurun in 1999. It owns the magazine “Hurun Report” and the series of forum events. Hurun US Innovation Outstanding Awards 2021 focuses on innovation, seeking leaders who bring new things, new methods, new paths, new benefits and other outstanding innovation results to society.

Born in 1996, Ruan is a serial entrepreneur. He won 13 scientific and technological inventions and 5 high school patents. During that time, he also founded Ali Simba Technology Co., Ltd. In college, he founded an investment firm, 8 Decimal Capital, in Silicon Valley. Most recently in 2021, he founded blockchain company Parallel Finance, which received strategic funding led by Sequoia Capital and Founders Fund (a venture capital fund co-founded by Peter Thiel). The post-money valuation reached USD 250 million.

Josephine Chen, a partner of Sequoia Capital, is very optimistic about the vision and potential of the decentralized finance (DeFi). “What Yubo and the Parallel team built in a very short time made DeFi more user-friendly for institutional and private investors. It also started the first phase of penetration into the traditional financial sector.” This is also Sequoia Capital’s first investment in Polkadot.

About Parallel Finance

Parallel Finance is a decentralized foreign exchange market protocol, which is built on the Polkadot system to provide loans and pledges. It is the main project in the Polkadot system. For more information, visit https://parallel.fi.

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