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Sequoia China led the round, while Dragonfly Capital, Hash Global, Youbi, and others also participated.
DeBank Closes $25M Equity Round
DeBank just raised $25 million at a $200 million valuation.
The DeFi portfolio tracker announced the update in a Tuesday tweet, revealing that Sequoia China had led the raise. The funding round also saw participation from Dragonfly Capital, Hash Global, Youbi, and other angel investors, while Coinbase Ventures, Crypto.com, Circle, and Ledger all made strategic investments.
We’ve just closed a $25M equity round at a valuation of $200M.
This round is led by Sequoia China, followed by Dragonfly, Hash Global, Youbi and other angel investors, along with strategic investments from Coinbase Venture, https://t.co/kZVg44T3Tc, Circle, and Ledger.
— DeBank (@DeBankDeFi) December 28, 2021
Full details of how the funds will be used are scarce, though it’s likely that the project will be aiming to scale its product and attract new DeFi users as the space grows. 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.”
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.
Disclosure: At the time of writing, the author of this feature owned ETH, MATIC, FTM, and several other cryptocurrencies.
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