DeBank just raised $25 million at a $200 million valuation. The DeFi portfolio tracker declared the update in a Tuesday tweet, uncovering that Sequoia China had driven the raise. The funding round additionally saw participation from Dragonfly Capital, Hash Global, Youbi, and other private backers, while Coinbase Ventures, Crypto.com, Circle, and Ledger all made strategic investments. Full subtleties of how the funds will be utilized are scant, however all things considered, the task will expect to scale its product and attract new DeFi clients as the space develops.
With a fresh capital injection, DeBank will be hoping to make pace against other competitors in the market such as Zerion and Zapper. DeBank’s announcement comes toward the tail end of a record-breaking year for crypto funding rounds. Both Zerion and Zapper have closed Series A rounds to the tune of $8.2 million and $15 million, while many bigger operations have raised significantly larger sums. The Bitcoin broker NYDIG raised $1 billion at a $7 billion valuation earlier this month, and the FTX exchange was valued at $25 billion after receiving $1.32 billion across two raises in July and October. As 2021 has seen the prices of digital assets like Bitcoin, Ethereum, and Solana soar to new highs, crypto firms have made clear efforts to cash in on the boom.
DeBank did not respond to Crypto Briefing’s request for comment at press time. DeBank emerged back in 2019 as DeFi was beginning to take shape on Ethereum, but it’s since expanded its offering across 16 different blockchain networks. It acts as an interface for DeFi and lets users engage in activities like token swapping on decentralized exchanges. It supports Polygon, Fantom, and Avalanche, three EVM-compatible blockchains that have excelled this year amid growing interest in alternative Layer 1 networks. The DeBank website says that it supports 798 protocols, and promises that new features are “coming soon.”
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- Defi Portfolio Tracking Startup Debank Raises $ 25 Million From Sequoia China, Crypto.com, Circle
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