Reports said that DeBank, a cryptocurrency wallet focused on decentralized finance (DeFi) solutions, has closed new funding led by major venture capital firm Sequoia China.
It has been reported that it raised $25 million, bringing DeBank’s total valuation to $200 million. Apart from Sequoia China, the funding round featured major crypto investment firms like Dragonfly, Hash Global, and Youbi.
However, the raise also included strategic funding from Coinbase Ventures, Crypto.com exchange, stablecoin provider Circle, and hardware wallet maker Ledger.
The report said that DeBank allows users to track 798 protocols across 17 chains like Ethereum, the 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 exec is based in Shanghai's Jing’an district.
Thus, the concept of decentralization and DeFi has apparently been growing increasingly popular in China amid new restrictions in the country.