Decentralized finance (DeFi) portfolio firm DeBank has raised $25 million in a funding round led by venture capital firm Sequoia China. DeBank allows users to track and analyze their DeFi investments.
- DeBank tweeted Tuesday that the funding round brings the firm’s valuation to $200 million.
- Other participating investors included Dragonfly, Hash Global, Youbi, Coinbase Ventures, Crypto.com, Circle and Ledger.
- Crypto.com confirmed the funding round in a separate tweet, adding it is excited to be supporting DeBank as it aims to bring the next billion users to Web 3.
- There has been increased investment in Web 3-related business that promotes decentralized protocols and aims to reduce the dependence on large tech companies such as Google, Facebook and Amazon.
- DeBank did not elaborate what the funding will be used for. The firm did not respond to CoinDesk’s request for comment by press time.
Read more: Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel
