China’s Defi Portfolio Tracker Debank Lands $25 Million Funding Round Backed by Sequoia China

China-based Defi wallet Debank tweeted on Tuesday that it has secured a $25 million equity funding round, which brings its valuation to $200 million.

The latest round was led by Sequoia China, followed by Dragonfly, Hash Global, Youbi and other angel investors, along with strategic investments from Coinbase Venture, Crypto.com, Circle, and Ledger.

Based on the information offered on its website, established in 2018, Debank operates as a Defi portfolio tracking firm, which allows users to explore DeFi project, compare DeFi rates, analyze DeFi risk and manage DeFi assets. Currently, 798 protocols across 17 chains on DeBank are available to track.

The company didn’t unveiled what it planned to do with the new capital yet. But Crypto.com stated that it would support Debank to bring the next billion users to Web 3.0 – an idea for a new iteration of the World Wide Web that incorporates decentralization based on blockchains.

Today, Defi seems to enjoy a good development momentum, as Fazzaco has reported a load of relevant stories this month alone, including the Swiss Defi and NFT marketplace Velas​ having signed a multi-year agreement with Scuderia Ferrari as its sponsor, Arcade closing a Series A financing round with $15 million, and a community-based DeFi platform Polis having partnered with MCN Ventures, a prominent decentralized VC, etc.