Parallel Markets builds the Parallel Passport, a portable digital identity solution that satisfies regulatory KYC/AML, the Customer Due Diligence Rule and investor accreditation requirements. Led by CEO Tony Peccatiello, the company plans to issue a regulatorily-compliant on-chain identity token to enable decentralized transactions in Web3. Its approach aims to simultaneously enable integrity and anonymity for users. Parallel intends to use the new funding to expand operations and continue development work toward bringing its solution to market. The company is based in New York City. John Buttrick of Union Square Ventures will join the board as part of the financing. Parallel Markets builds a platform intended to make buying and selling private company shares as easy as trading public stock. It differentiates by working directly with issuers to create "structured liquidity events," giving companies controls such as price floors and ceilings and the ability to designate buyers and timing. Employees are notified when there is an opportunity to sell, and sales are executed through Parallel Markets' subsidiary broker dealer to ensure regulatory compliance. The company has launched Passport, a one-time, portable accredited-investor verification tool designed to work across platforms and potentially with blockchain smart contracts. Parallel Markets has raised $1.4 million from friends and family and is already working with initial partners, though it has not yet facilitated any stock purchases. The team expects to begin processing purchases in Q4 of this year.

Total raised

$8M

Funding rounds

2

Latest round

Series A

Latest activity

Feb 2022