DeFi wallet DeBank raises $25 million in equity funding round

DeBank, a crypto wallet that provides access to decentralized finance (DeFi) services such as token swapping and portfolio tracking, has raised $25 million in an equity funding round.

The round was led by Sequoia China and saw participation from Dragonfly Capital, Youbi Capital, Coinbase Ventures, Crypto.com Capital, Circle, and Ledger.

Founded in 2018, China-based DeBank is now valued at $200 million. Its total funding to date is unclear as the startup has previously raised two funding rounds of undisclosed amounts.

DeBank did not announce how it plans to use the fresh capital. The Block reached out to the startup to learn more but did not hear back before press time.

DeBank currently supports nearly 800 DeFi protocols across over 15 blockchains on its platform, including Ethereum, Binance Smart Chain, and Avalanche. It essentially helps users track their DeFi investments, such as how much they have deposited in various DeFi protocols and how much they have earned in yields.

DeBank also plans to support Solana and Harmony in the near future, according to its website. Its closest competitors include Zapper and Zerion, both of which have also raised funds this year. Zapper raised $15 million in May, and Zerion raised $8.2 million in July.

Crypto firms continue to raise funds this year. In all, they have grabbed over $25 billion in venture funding during 2021.

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