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Yubo Ruan, Founder of Parallel Finance/ParaSpace, Was Selected to “2022 Forbes China Web3.0 Innovation Pioneer Selection”

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Yubo Ruan, Founder of Parallel Finance/ParaSpace, Was Selected to “2022 Forbes China Web3.0 Innovation Pioneer Selection”

April 01
02:10 2023

On January 11, 2023, the “2022 Forbes China Web 3.0 Innovation Pioneer Selection” jointly launched by Forbes China and Foucault Infinity was announced, and Yubo Ruan, the founder of Parallel Finance/ParaSpace, was selected to the award list.

Self-taught computer programming at the age of 6, successfully started a business for the first time at 17, established an investment fund in Silicon Valley at 21, and now founded a blockchain company and was recognized by Sequoia Capital. In all the public information about Yubo Ruan, you can see the description of “Young Prodigy,” but behind these auras, his optimism, courage, diligence and creativity are more worthy of attention and recognition.

From Entrepreneurship to Investment

The Gorgeous Turn of the Geek Genius

For Yubo Ruan, the past life is like constantly typing codes. His multiple experiences in technology entrepreneurship and investment have given him a business understanding far beyond his age.

Yubo Ruan, born in 1996, has a natural love and genius-like hands-on ability for the binary computer world. As early as in middle school, he won 13 scientific and technological invention awards and five patents, including the “Microsoft Imagine Cup First Prize”, “Germany Nuremberg Invention Competition First Prize”, “National Robot Contest First Prize” and many other honors. Technical attainments and precipitation provided the power source for Yubo Ruan’s entrepreneurship.

In 2014, 17-year-old Yubo Ruan chose a challenging path. As one of the youngest entrepreneurs in China at that time, he founded Ali Simba Technology Company to develop hardware for children’s financial education. Its product “Steamed Bun Smart Piggy Bank” was famous then, and it got more than 1 million yuan in technology transfer fees.

Yubo Ruan studied computer science and finance at Boston University, the University of Pennsylvania and Stanford University to continue his studies and broaden his horizons. Perhaps geniuses have a similar fate line. Like Jobs and Bill Gates, Yubo Ruan chose to drop out of college while studying at Stanford. Then he entered Danhua Capital founded by the famous Chinese scientist Zhang Shoucheng, and co-founded Skylight Investment, starting his financial investment life.

Keen business nerves may be the trait of every outstanding venture capitalist. When the Chinese venture capital circle was still crazy about the sharing economy, Yubo Ruan discovered the emerging blockchain industry. In 2017, he founded Eight-Dimensional Capital, which focuses on blockchain investment, and quickly invested in more than several international trading platforms, public chains and communities. This set of fast, precise and ruthless investment strategies allowed him to successfully capture seven unicorn projects and reap a return of more than 60 million US dollars. Eight-Dimensional Capital was also selected as one of the “Top Ten Blockchain Investment Funds” by the mainstream media.

From a geek genius to a cutting-edge investor, Yubo Ruan proved one thing: choice may be greater than hard work, but hard work can definitely make a choice.

Decentralization

Layout of the New Infrastructure of “Metaverse Finance”

The dual perspectives of technology and finance allow Yubo Ruan to understand the world at a high level.

In April 2021, Yubo Ruan founded the blockchain company Parallel Finance to serve blockchain financial users more closely. As a technology company focusing on services and products related to decentralized finance, it provides Lending, Trading, Staking and derivatives on Multi-chains.

With the idea of altruism, Yubo Ruan hopes that Parallel Finance can provide blockchain smart contracts. He wrote a set of simple and universal decentralized lending and pledge agreements, allowing anyone to operate their own “Metaverse Finance” infrastructure through this agreement. At the same time, Parallel Finance replaces the “intermediary” role in traditional financial services through codes to maximize the efficiency of financial services and minimize costs.

As a DeFi para chain built on the Polkadot ecosystem, Parallel Finance’s business model quickly set off a vast wave, gaining the favor of many institutional and retail investors, and quickly becoming a leading project in the ecosystem. In November 2021, Parallel Finance, which was just established seven months ago, became Sequoia Capital’s first investment project in the Polkadot field, and its post-investment valuation reached 250 million US dollars. It is also possible to realize the vision of bringing DeFi to billions of people in the future.

At present, Parallel Finance has begun to make profits, and the transaction funds on its platform have exceeded 300 million US dollars, and it has become the most significant decentralized lending and pledge agreement on the Polkadot chain.

Web3.0 Gold Rush

Promote the Integration of Digital and Real Economy

Based on the blockchain, Web 3.0, one of the exploration directions in the second half of the Internet, has brought necessary support for integrating the digital and the real economy.

If you want to thrive in the Web 3.0 world, you must be very familiar with technology, finance and the market economy. Yubo Ruan hopes that under the turmoil of Web 3.0, those bubbles need to be put aside, and more valuable products that return to users will be made in the financial world.

In June 2022, Parallel Finance’s sister project ParaSpace came into being. As an NFTFi (digital collection finance) mortgage lease agreement, NFT assets can be traded as collateral (pledges) in the lending agreement provided by ParaSpace. In just two months of operation, ParaSpace’s TVL ranked second in the NFTFi track field, becoming one of the “Most Valuable Projects” in the Web 3.0 field.

The results of ParaSpace also objectively reflect the potential of Web 3.0. Yubo Ruan believes that in the future, all assets may be on the chain, from real estate, to equipment in virtual games, to NFT (digital collectibles) in the Metaverse world. A set of decentralized financial models established through consensus, freedom and personalization will subvert the traditional centralized economic model.

“We want to allow customers to use any asset to borrow any asset more conveniently. This is our goal.” In an interview with “2022 Forbes China Web 3.0 Innovation Pioneer Selection”, Yubo Ruan firmly believes that in the next ten years, most companies will exist in the form of blockchain or build their own applications on the blockchain network. Blockchain technology’s revolution in the financial industry is changing people’s lives.

Investing in the blockchain and Web 3.0 field requires extraordinary courage, courage, exceptional cognition, and ability. As a pioneer of innovation, Yubo Ruan represents not only himself, but also the mental outlook of young technology venture capitalists. Forbes China launched the “2022 Forbes China Web 3.0 Innovation Pioneer Selection”, hoping that more people will see Yubo Ruan’s case, and that the next generation of Chinese companies that may be born to change the world will be discovered.

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City: Shanghai
Country: China
Website: www.forbeschina.com