In Brief:
- DeBank has raised $25 million in a funding round that was led by venture capital firm Sequoia China.
- With the funding round, the firm’s valuation has reached $200 million.
Decentralized finance (DeFi) portfolio firm DeBank tweeted it has raised $25 million in a funding round that was led by venture capital firm Sequoia China. With the funding round, the firm’s valuation has reached $200 million.
DeBank allows users to track and analyze their DeFi investments. It also allows users to understand how much they have deposited in several DeFi protocols and how much they have earned in yields. The platform offers analytic tools for stablecoins, decentralized lending protocols, margin trading platforms and others.
The other participants in the funding round included Crypto.com Capital, Youbi Capital, Dragonfly Capital, Coinbase Ventures, Circle, and Ledger.
DeBank has not released its plans as to how it will allocate the fresh funds.
Presently, DeBank backs around 800 DeFi protocols across over 15 blockchains on its platform, that includes Binance Smart Chain, Ethereum and Avalanche.
According to its website, DeBank also plans to support Solana and Harmony in the coming future.
As per the findings in The Block Research’s 2022 Digital Asset Outlook Report, as much as $25 B was raised in funding rounds for Crypto firms during 2021. Binance Labs had also led a $60M financing round for Multichain, an industry-leading cross-chain protocol.
