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$ 25 million: Sequoia China leads financing round for DeFi wallet DeBank

 


DeBank was co-founded in 2018 by Chinese research and development expert Tang Hongbo. Users can track 798 logs on 17 chains via the platform.


DeBank is a cryptocurrency wallet that focuses on decentralized financing (DeFi) solutions. It has held a funding round led by major venture capital company Sequoia China.


As the company on Tuesday on Twitter announced it has raised five and 20 million US dollars. This brings DeBank's valuation to $ 200 million.


In addition to Sequoia China, large crypto investment firms such as Dragonfly, Hash Global and Youbi also took part in the financing round.


This financing round also included strategic financing from Coinbase Ventures, the Crypto.com exchange, the stablecoin provider Circle and the hardware wallet manufacturer Ledger.


DeBank is a cryptocurrency wallet designed to track DeFi data, including interest rates for decentralized applications or exchanges (DEX) and DeFi. It also allows users to navigate and manage various DeFi assets and projects. The platform contains, among other things, analyzes for decentralized credit logs, stablecoins and margin trading platforms.


Via DeBank, users can track 798 logs on 17 chains such as Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche and others, as it says on the website.


DeBank was co-founded in 2018 by Chinese research and development expert Tang Hongbo. According to his LinkedIn profile, the manager is based in Shanghai.


Cointelegraph asked the company for a comment, but had no response by press time.



In China, decentralization and DeFi are becoming increasingly popular with new restrictions in the country. As Cointelegraph previously reported, many Chinese crypto users moved their crypto holdings to DEXes after China imposed a new major crypto ban in September .

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