ALQO, a decentralized ecosystem for financial services (DeFs), has raised its first round of funding for its Parachain. The funding round was concluded in less than 24 hours after going live.

The funding will be used to expand the newly announced DeFs. The team revealed that it will help them finalize the new Substrate and Polkadot-based parachain, a browser extension wallet, and phase 1 contract products.

It should be noted that ALQO has built its next-gen network using the Substrate framework. The team revealed that its decision to integrate it with the Polkadot protocol is to maximize scalability, whilst tapping into a secure and developer-friendly framework.

Using this cutting-edge tech stack to develop its "DeFi" product offerings, ALQO delivers innovative decentralized financial products to market fast.

Talking about the utility of ALQO’s DeFs, the project is focused on bridging the gap between traditional banking which is more or less inefficient, and decentralized finance which is still quite technical. ALQO will make this possible through an accessible platform that prioritizes user convenience and ease-of-use. Furthermore, ALQO will develop and deploy stand-alone decentralized products which may revolve around Auctions, Lending, Indexes, and Automatic Market Making.