On February 20, blockchain analytics platform Parsec announced in an official statement that it will cease operations. The team confirmed that refund procedures have begun and all active subscriptions will be canceled.
Background and Service Offering
Parsec launched in 2021, offering a powerful blockchain data terminal. Users could build custom dashboards to analyze on-chain activities related to DeFi protocols and NFT markets.
Funding and Development
- Secured $1.25 million in seed funding
- Follow-on round of $4 million
- Backers included Galaxy Digital, Polychain Capital, and other industry leaders
Despite significant financial backing, Parsec was unable to sustain long-term operations, reflecting the challenges in the competitive blockchain analytics space.