DeBank Raises $25 Mln's For Its DeFi Wallet Upgradation.

DeBank Raises $25 Mln's For Its DeFi Wallet Upgradation.

2021-12-29 | Daniel Smith

DeBank Raises $25 Mln's For Its DeFi Wallet Upgradation.

DeBank, a crypto wallet that focuses on decentralised finance (DeFi) solutions, has raised fresh funds sponsored by renowned venture capital company Sequoia China. The company confirmed on Twitter on Tuesday that it had raised $25 million, increasing DeBank's total worth to $200 million. Aside from Sequoia China, notable crypto investment companies including as Dragonfly, Hash Global, and Youbi participated in the financing round. Strategic finance was also provided by Coinbase Ventures, the exchange, stablecoin supplier Circle, and hardware wallet company Ledger. DeBank is a cryptocurrency wallet meant to track DeFi data, such as DeFi interest rates and decentralised apps or exchanges (DEX). It also allows customers to explore and administer different DeFi assets and programs. Analytics for decentralised loan protocols, stablecoins, margin trading platforms, as well as other platforms are available on the site. As per its website, DeBank enables customers to follow 798 protocols over 17 chains, including Ethereum, the Binance Smart Chain, Polygon, Fantom, Avalanche, and much more. Tang Hongbo, a Chinese R&D. specialist, co-founded DeBank in 2018. The executive is situated in Shanghai's Jing'an district, as per his LinkedIn page. However, the company has not officially published anything yet. The notion of decentralisation and DeFi appears to be gaining traction in China as the authorities imposes further limitations. As initially disclosed by Cointelegraph, after China imposed a second big crypto ban in September, numerous Chinese crypto enthusiasts appear to have moved their crypto assets to DEXes.

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