Notably, the announcement coincides with the growth of decentralization and DeFi in China. As the authorities are introducing new restrictions on crypto, many Chinese crypto users are moving their crypto holdings to DEXes.
DeBank, developer of a multi-chain cryptocurrencies portfolio tracker designed for users to manage their DeFi assets, has completed its equity round in which it raised as much as $25 million.
DeBank Equity Round
The round has brought the valuation of the company to $200 million. The leading investor in the round was Sequoia China. Dragonfly Capital, Youbi Capital, Coinbase Ventures, Crypto.com, Circle Internet Financial Limited, and Ledger.
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
It is not yet clear how DeBank will use the capital from the equity round. Probably, it will expand its services.
Founded in 2018, DeBank is a Chinese developer of a multi-chain cryptocurrencies portfolio tracker that allows users to manage their DeFi assets. With DeBank being an all-in-one cryptocurrency wallet, users can track their full portfolio through 17 chains. In addition, they can track DeFi applications, compare DeFi interest rates, manage DeFi assets, find DeFi projects, analyze DeFi risks, and more. Users can even perform token swap for token exchange and discover investment opportunities through detailed real-time data.
As of 2021, DeBank supports 798 DeFi protocols across more than 15 blockchains on its platform. Among those blockchains are Ethereum (ETH), Binance Smart Chain (BSC), Avalanche (AVA), Polygon (MATIC), Fantom (FTM), and more. In the future, DeBank is planning to add Solana (SOL) and Harmony (ONE).
DeBank added Polygon back in April. Polygon team stated at that time:
“DeBank was one of the earliest DeFi tracking and portfolio management tools during DeFi summer, and we’re extremely excited that their team has decided to support the vibrant DeFi ecosystem on Polygon with the likes of Aave, PoolTogether, Cometh and Quickswap.”
Notably, the announcement coincides with the growth of decentralization and DeFi in China. As the authorities are introducing new restrictions on crypto, many Chinese crypto users are moving their crypto holdings to DEXes.
DeFi’s Growth in China
Two years ago, it was difficult to find somebody who was aware of DeFi. But now, it is completely different. As a result of a crackdown on cryptocurrency, centralized cryptocurrency exchanges have been leveled. Therefore, more and more of crypto-enthusiasts and investors in China are turning to decentralized finance options instead.
Genio Miao, founder of DeFi protocol Quantiex, said:
“Two years ago, nobody even knew what DeFi was. Now, the change is just incredible. Everything that was once just in your imagination, all those expectations of user behavior, they all came true.”
The ban on any crypto activity has triggered the growth of decentralized exchanges and other DeFi services, not to mention peer-to-peer and OTC trading. And overall, the crypto crackdown turned out to be bullish for DeFi.
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