• Sequoia China leads a $25 million equity round for DeBank, a DeFi wallet

  • DeBank, which was co-founded in 2018 by Chinese R&D expert Tang Hongbo, enables users to track 798 protocols across 17 chains.

    DeBank, a cryptocurrency wallet that focuses on decentralized finance (DeFi) solutions, has raised new funds led by renowned venture capital company Sequoia China.

    The company announced on Twitter on Tuesday that it had raised $25 million, increasing DeBank’s total valuation to $200 million.

    Aside from Sequoia China, notable crypto investment firms including as Dragonfly, Hash Global, and Youbi participated in the funding round.

    Strategic finance was also provided by Coinbase Ventures, the Crypto.com exchange, stablecoin provider Circle, and hardware wallet company Ledger.

    DeBank is a cryptocurrency wallet meant to track DeFi data, such as DeFi interest rates and decentralized applications or exchanges (DEX). It also allows users to navigate and manage different DeFi assets and projects. Analytics for decentralized lending protocols, stablecoins, margin trading platforms, and other platforms are available on the site.

    According to its website, DeBank currently allows users to track 798 protocols across 17 chains, including Ethereum, the Binance Smart Chain, Polygon, Fantom, Avalanche, and others.

    Tang Hongbo, a Chinese research and development expert, co-founded DeBank in 2018. The executive is based in Shanghai’s Jing’an district, according to his LinkedIn page.

    The concept of decentralization and DeFi appears to be gaining traction in China as the country imposes further limitations. Following China’s new big crypto ban in September, many Chinese crypto users appear to have moved their crypto holdings to DEXes.

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