DeFi Portfolio Tracking Firm DeBank Raises $25M in Round Led by Sequoia

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.

By Tanzeel Akhtar