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DeBank Closes $25M Equity Round Led by Sequoia China

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DeBank has announced that it raised $25 million in a new equity round led by Sequoia China. A cryptocurrency wallet, DeBank is focused on decentralized finance (DeFi) solutions, and its total valuation is currently at $200 million.

The funding round also included crypto investment firms Dragonfly, Hash Global and Youbi. 

Debank is a cryptocurrency wallet that tracks DeFi data like decentralized applications or exchanges and DeFi interest rates. Besides enabling users to manage various DeFi assets and projects, the platform also provides analytics for decentralized lending protocols, stablecoins, margin trading platforms, and more.

The China-based platform was co-founded in 2018 by Chinese research and development expert Tang Hongbo, and the startup has previously completed two funding rounds of undisclosed amounts. 

The company did not announce its plans for the new funding.

Supporting DeFi Protocols Across Blockchains

DeBank supports 798 DeFi protocols across more than 15 blockchains on its platform. Those blockchains include Ethereum, Binance Smart Chain, Avalanche, Polygon, Fantom, Moonriver, and more. 

The company has plans to support Solana and Harmony in the future, and its closest competitors are Zapper and Zerion. Back in May, Zapper raised $15 million, while Zerion closed $8.2 million in July. 

Previous Announcements

Back in April, DeBank announced that it integrated Polygon in their “Profile”, “Token Swap”, “DeFi Market” and DeFi Rankings. 

According to the Polygon team, “DeBank was one of the earliest DeFi tracking and portfolio management tools during DeFi summer, and we’re extremely excited that their team has decided to support the vibrant DeFi ecosystem on Polygon with the likes of Aave, PoolTogether, Cometh and Quickswap.”

Just a week before the Polygon announcement, the company announced that it would fully support the Mdex in their Portfolio Tracker, Token Swap, and DeFi Rankings. 

“MDEX is thrilled to reach a deep strategic partnership with DeBank. As the leading DeFi wallet which can provide DeFi portfolio tracker, DEX aggregator, DeFi data list, etc., DeBank will provide more brand and market resources, it will facilitate the implementation of the multi-chain deployment plan, and will jointly promote the prosperity of DeFi ecology,” the MDEX team said. 

The new announcement comes as decentralization and DeFi continues to grow in China as new restrictions are put in place. According to recent reports, many Chinese crypto users are moving their crypto holdings to DEXes following the new ban on Crypto.

Alex McFarland is a Brazil-based writer who covers the latest developments in artificial intelligence & blockchain. He has worked with top AI companies and publications across the globe.