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13.31%DeFi Portfolio Tracking Firm DeBank Raises $25M in Round Led by Sequoia China
The latest funding brings DeBank’s valuation to $200 million, according to the firm.
Decentralized finance (DeFi) portfolio firm DeBank has raised $25 million in a funding round that was 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 payments company Circle, Coinbase Ventures, Crypto.com, Dragonfly Capital, Hash Global, crypto infrastructure company Ledger and Youbi Capital.
- 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 businesses that promote decentralized protocols and aim to reduce the dependence on large tech companies such as Amazon, Facebook and Google.
- In May DeFi dashboard Zapper raised $15 million in a fundraising round led by Framework Ventures, and two months later rival Zerion completed an $8.2 million funding round.
- DeBank didn’t elaborate what the funding will be used for and didn’t respond to CoinDesk’s request for comment by press time.
Read more: Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel
STORY CONTINUES BELOW
UPDATE (Dec. 28, 16:10 UTC): Adds Zapper, Zerion fundraising efforts in penultimate bullet point.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
