A defi wallet that provides market-wide defi data has obtained multi-million dollar backing from many crypto companies.
Sequoia China, a fintech startup capital firm, has led a multi-million-dollar fundraising round for DeBank, a cryptocurrency wallet for monitoring decentralized finance apps. The value of the defi wallet now exceeds $200 million.
- Debank tweeted on Tuesday that it had just obtained additional capital.
- The investment round also included contributions from Dragonfly, Yuobi, and Hash Global. Additionally, it included “strategic investments” from several well-known cryptocurrency businesses, including as Coinbase Ventures, Crypto.com, Circle, and Ledger.
- DeBank’s Defi wallet aids in the market-wide tracking of many types of Defi data, such as dApps, DEXs, and Defi interest rates.
- Users may obtain data for stablecoins, margin trading platforms, decentralized lending protocols, and more while browsing through different Defi assets and initiatives.
- DeBank now provides access to 798 Defi protocols on a number of well-known chains, including as Ethereum, Binance Smart Chain (BSC), Avalanche, Polygon, and others.
- It was co-founded by Tang Hongbo, a research and development specialist headquartered in Shanghai.
- In China, where Bitcoin mining and trade have been explicitly forbidden, Defi may become especially well-liked. In comparison to centralized options, enforcement action against some defi protocols may prove to be far more challenging—or perhaps impossible—for the government to implement.
DeBank completes $25 million equity round
According to a tweet from the portfolio tracker, Sequoia China headed the fundraising round. In addition to Coinbase Ventures, Crypto.com, Circle, and Ledger making tactical investments, the fundraising round included participation from Dragonfly Capital, Hash Global, Youbi, and other angel investors. DeBank wants to compete against other market players like Zerion and Zapper with the new cash infusion.
Two months after rival Zerion concluded a $8.2 million investment round, DeFi dashboard Zapper earned $15 million in a deal led by Framework Ventures in May. Portfolio trackers appear to be a popular industry for investment.
What is DeBank?
DeBank, a cryptocurrency wallet that decentralized applications or exchanges (DEX) and DeFi interest rates may be tracked through, was introduced in 2019. Users may also explore and manage different DeFi assets and projects. The platform has analytics for margin trading platforms, stablecoins, decentralized lending protocols, and other things.
Currently, 798 protocols spanning 17 chains, including Ethereum, the Binance Smart Chain, Polygon, Fantom, Avalanche, and others, may be tracked by users using DeBank.