Defi Portfolio Tracking Startup Debank Raises $25M From Sequoia China, Crypto.com, Circle
The decentralized finance (defi) portfolio tracking startup Debank raised $25 million from investors according to an announcement on Tuesday. Following the equity financing round, Debank says it has an overall valuation of around $200 million.
Defi Dashboard Debank Raises $25 Million
2021 was a good year for venture capital (VC) entering the crypto and blockchain space. Estimates show that VCs invested roughly $30 billion into the crypto industry. The $30 billion invested in crypto and blockchain is four times larger than the investments made in 2020.
Debank has announced that just before the year ends, the defi portfolio tracking company raised $25 million in equity financing from strategic investors. According to Debank, the financing brings the firm’s overall valuation to $200 million.
Debank revealed the investment in a tweet on Tuesday, and said the 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.”
In addition to the $30 billion in capital raised in 2021, millions of dollars in investments were given to firms concentrating on portfolio tracking and blockchain data analytics. For instance, crypto analytics firm Messari raised $21 million, Boston-based Coin Metrics raised $15 million and at the end of April, Skew analytics was acquired by Coinbase.
The digital currency exchange, Crypto.com, also tweeted about the investment in Debank on Tuesday. “Crypto.com Capital is excited to support Debank to bring the next billion users to Web3,” the company said.
According to Debank’s web portal, “Debank is evolving into something new” and the website adds “new features are coming soon.” As of today, Debank states that users can track 798 protocols across 17 different blockchains.
Debank users can access the web portal via a Web3 wallet in order to create a custom profile and it also offers a token swap feature.
Debank also faces competition from Zapper, another defi portfolio dashboard. In August 2020, Zapper raised $1.5 million in a seed round led by Framework Ventures and Libertus Capital. Furthermore, in mid-May Zapper raised $15 million in equity in a Series A led by Framework Ventures.
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