DeFi Portfolio Tracking Firm DeBank Raises $25M in Round Led by Sequoia China
Decentralized finance (DeFi) portfolio firm DeBank has raised $25 million in a funding round led by venture capital firm Sequoia China. DeBank allows users to track and analyze their DeFi investments.
DeBank tweeted Tuesday that the funding round brings the firm’s valuation to $200 million.
Other participating investors included Dragonfly, Hash Global, Youbi, Coinbase Ventures, Crypto.com, Circle and Ledger.
Crypto.com confirmed the funding round in a separate tweet, adding it is excited to be supporting DeBank as it aims to bring the next billion users to Web 3.
There has been increased investment in Web 3-related business that promotes decentralized protocols and aims to reduce the dependence on large tech companies such as Google, Facebook and Amazon.
DeBank did not elaborate what the funding will be used for. The firm did not respond to CoinDesk’s request for comment by press time.Source