According to the latest reports, a successful funding round has been held by DeBank. DeBank is reportedly a decentralization finance (DeFi) solution that focuses on the provision of a cryptocurrency wallet. The firm has revealed that it has recently concluded a funding round and it was led by Sequoia China, a major venture capital firm.
DeBank has confirmed through an announcement on Tuesday, January 4, 2022, it has generated $25 million from the funding round. The announcement around the $25 million funds was made by DeBank officials through Twitter. The firm has also confirmed after the successful funding round, its valuation is now at $200 million.
DeBank officials have revealed that there were several other firms that participated in the funding round making it a huge success. Some of the major firms making huge contributions to the funding round were Ledger, Circle, Crypto.com exchange, and Coinbase Ventures.
Ledger is prominently known as the maker of hardware wallets and Circle is known for being a provider of Stablecoin.
DeBank is popular within the decentralized finance sector that helps users and developers track decentralized finance data with the help of its cryptocurrency wallet. The wallet not only provides the ability to track DeFi data, but it also provides the ability to track decentralized finance data for other factors as well. These factors include DeFi interest rates, decentralized exchanges (DEX), and decentralized applications.
Through the wallet, the users have the ability to manage different kinds of decentralized finance assets, as well as navigate them. The wallet also lets users manage data for several projects within the decentralized finance sector.
The platform provided by DeBank also facilitates them in services such as margin trading platforms, stablecoins, decentralized lending protocols, and other kinds of projects.
As of now, the users are able to track a total of 17 chains where it is managing a total of 798 protocols. These blockchains include Avalanche, Fantom, Polygon, Binance Smart Chain, and Ethereum.
The firm has announced that with the new funds in place, it will get more into the decentralized finance sector. It will be coming up with newer services and utilities for the users and developers so they can benefit from them as much as possible.
Over time, the decentralized finance sector has become the most adopted and highly cherished space in the entire crypto-sector.
The majority of the cryptocurrency users and investors have become part of the DeFi sector as it has been growing larger with time. The sector has gained tremendous adoption and it is expected to grow even larger with time.
It is expected that in the upcoming year the decentralized finance sector is going to grow larger and become home to hundreds of millions of users.