Web3 Super App ParaX has received a strategic investment from Metalpha, a global digital asset-based wealth management company based in Hong Kong. This investment aims to support ParaX in its mission to create a new era of Web3 and enhance the existing Web3 experience.
ParaX is a Web3 Super App that emerged from the merger of ParaSpace and Parallel Finance. It is designed to empower users with a new Web3 ecosystem. It utilizes account abstraction and zkVM to provide the necessary infrastructure for mass adoption across all chains.
The features of ParaX include multi-chain account abstraction, which allows users to easily manage and control their multi-chain assets and identities. It also offers a meta user interface, a unified interface that enables users to interact with their favorite apps from a single dashboard. Developers can build within the ParaX ecosystem using mini apps, alongside the existing ParaSpace and Parallel products. Additionally, the platform utilizes zkVM, a zk-based virtual machine that powers more complex ParaX applications. The platform also incorporates ParaX AI, an AI-driven middle layer that enables users to transform specific intentions into actionable transactions, reducing the barrier to Web3.
Since its launch earlier this month, ParaX has already attracted significant demand, with over $45 million in Total Value Locked (TVL) across more than 1,700 users. The platform has numerous upcoming features in the pipeline, including omni-chain lending, a points and referral system, and NFT shorting, promising to further enhance the user experience.
With its history of successful products and long-term strategic vision, ParaX has secured a strategic investment from Metalpha. Metalpha is one of the largest derivatives traders in Asia, with shareholders such as Antalpha. This partnership offers ParaX the opportunity to introduce innovative crypto derivatives products and bespoke hedging solutions.
Metalpha, through its subsidiaries, offers crypto wealth management and traditional wealth management services. The company aims to provide the best crypto derivative products to institutions, including exchanges, crypto mining companies, investment funds, and family offices.
ParaX was founded by Yubo Ruan, an experienced tech entrepreneur and venture capitalist. Ruan has a track record of success in the crypto industry and is backed by leading VCs. The merger of Parallel Finance and ParaSpace has brought together a team of over 40 members with extensive experience from top institutions, ensuring the expertise needed to drive the future of Web3.
The partnership between ParaX and Metalpha represents a significant step in the advancement of Web3 technology. With the support of Metalpha’s investment, ParaX can continue to innovate and deliver groundbreaking solutions to empower users in the Web3 ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. The information provided in this article is accurate at the time of publication, but it may be subject to change. Please conduct your own thorough research and consider seeking advice from a professional before making investment decisions.
