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.
UPDATE (Dec. 28, 16:10 UTC): Adds Zapper, Zerion fundraising efforts in penultimate bullet point.
Source: Coin Desk