DeBank, a cryptocurrency wallet focused on decentralized finance solutions (DeFi), has closed new funding led by major venture capital firm Sequoia China.
The signature Announced On Tuesday on Twitter he raised $ 25 million, bringing DeBank's total valuation to $ 200 million.
In addition to Sequoia China, the funding round featured top crypto investment firms such as Dragonfly, Hash Global, and Youbi.
The increase also included strategic funds from Coinbase Ventures, Crypto.com exchange, stablecoin provider Circle, and hardware wallet maker Ledger.
DeBank is a cryptocurrency wallet designed to track DeFi data, including decentralized exchanges or apps (DEX) and DeFi interest rates. It also allows users to browse and manage various DeFi assets and projects. The platform includes analytics for decentralized lending protocols, stablecoins, margin trading platforms, and others.
As of this writing, DeBank allows users to track 798 protocols on 17 chains such as Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, and others, according to its website.
DeBank was co-founded in 2018 by Chinese research and development expert Tang Hongbo. According to his LinkedIn profile, the executive is based in the Jing'an district of Shanghai in China.
The firm did not immediately respond to Cointelegraph's request for comment.
Related: Interlay Raises $ 6.5 Million to Accelerate Bitcoin DeFi Interoperability
The concept of decentralization and DeFi has apparently become increasingly popular in China amid new restrictions in the country. As previously reported by Cointelegraph, many Chinese cryptocurrency users have apparently been on the move your cryptocurrency holdings to DEXes after China applied a major new ban on cryptocurrencies in September.
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