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DeBank, a DeFi wallet, has raised $25 million through Sequoia China.

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DeBank, which was co-founded in 2018 by Tang Hongbo, a Chinese R&D expert, enables users to track 798 protocols over 17 chains.

 DeBank, a crypto wallet that focuses on decentralised finance (DeFi) solutions, has secured new funds from Sequoia China, a leading venture capital firm.

DeBank said on Twitter on Tuesday that it had acquired $25 million, raising its total value to $200 million.

In addition to Sequoia China, prominent crypto investment firms including Dragonfly, Hash Global, and Youbi joined the funding round.

Coinbase Ventures, Crypto.com exchange, stablecoin provider Circle, and hardware wallet maker Ledger all contributed to the round.

DeBank is a crypto wallet that monitors DeFi data, such as DeFi interest rates and decentralised applications or exchanges (DEX). Users can also utilise it to explore and manage a variety of DeFi assets and projects. Decentralized lending protocols, stablecoins, margin trading platforms, and other decentralised lending protocols are all covered by the platform's analytics.

According to its website, DeBank presently allows users to track 798 protocols across 17 chains, including Ethereum, the Binance Smart Chain, Polygon, Fantom, Avalanche, and others.

Tang Hongbo, a Chinese research and development expert, co-founded DeBank in 2018. The executive is based in Shanghai's Jing'an district, as per his LinkedIn profile.

Despite new restrictions in the country, the idea of decentralisation and DeFi seems to be increasing in popularity in China. After China imposed a new significant restriction on crypto in September, as previously reported, many Chinese crypto users appear to have started shifting their crypto holdings to DEXes.

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