DeBank – a crypto wallet for tracking decentralized finance applications – recently closed a multi-million dollar funding round led by fintech venture capitalist firm Sequoia China. This brings the defi wallet’s valuation to over $200 million.
Debank announced its newly acquired funds in a tweet on Tuesday.
Other companies that contributed to the funding round include Dragonfly, Yuobi, and Hash Global. It also featured “strategic investments” from various popular crypto companies including Coinbase Ventures, Crypto.com, Circle, and Ledger.
DeBank’s Defi wallet helps track various forms of Defi data across the market, including dApps, DEXs, and Defi interest rates.
While navigating through various Defi assets and projects, users can access analytics for stablecoins, margin trading platforms, decentralized lending protocols, and more.
At the moment, DeBank gives access to 798 Defi protocols across various popular chains including Ethereum, Binance Smart Chain (BSC), Avalanche, Polygon, and others.
It was co-founded by a Shanghai-based research and development expert Tang Hongbo.
Defi may see especially strong popularity in China, where cryptocurrency mining and trading has been outright banned. Enforcement action against certain defi protocols may prove far more difficult, or even impossible for the government to crack down on, as opposed to centralized alternatives.
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