DeBank, a cryptocurrency wallet focused on decentralized financing solutions (DeFi), has closed new financing led by the large venture capital firm Sequoia China.

The company announced on Twitter on Tuesday that it had raised $ 25 million, bringing DeBank’s total value to $ 200 million.

In addition to Sequoia China, major crypto-investment companies such as Dragonfly, Hash Global and Youbi participated in the financing round.

The increase also includes strategic financing from Coinbase Ventures, Crypto.com Exchange, stablecoin provider Circle and hardware wallet maker Ledger.

DeBank is a cryptocurrency wallet designed to track DeFi data, including decentralized apps or exchanges (DEX) and DeFi interest rates. It also allows users to navigate and manage various DeFi assets and projects. The platform includes analysis of decentralized lending protocols, stack coins, margin trading platforms and more.

At the time of writing, DeBank allows users to track 798 protocols across 17 chains such as Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche and more, according to the website.

DeBank was founded in 2018 by the Chinese R&D expert Tang Hongbo. According to his LinkedIn profile, the leader is based in the Jing’an district, Shanghai.

The company did not immediately respond to Cointelegraph’s request for comment.

Related: Interlay raises $ 6.5 million to accelerate DeFi Bitcoin Engagement

The concept of decentralization and DeFi seems to be gaining ground in China in the midst of new restrictions in the country. As Cointelegraph previously reported, it seems that many Chinese cryptocurrency users are transferring cryptocurrencies to DEX after China introduced a major new cryptocurrency ban in September.

Source: CoinTelegraph

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