Debank Raises $25 Million Funding Round Led by Sequoia China

Although Debank did not elaborate how it plans to use the newly raised funds, it is likely that the firm will use the cash in scaling its products and attracting new DeFi users as the decentralized finance landscape sees continuing growth. However, Crypto.com confirmed its participation in the fund-raising event and mentioned that it is delighted to be assisting Debank, which aims to bring the next billion users to Web 3.0 – the new form of the World Wide Web that incorporates decentralization based on blockchains.

Debank is a DeFi portfolio tracking firm that allows users to navigate and manage DeFi assets. It is an all-in-one crypto wallet that helps users to track DeFi data and decentralized applications, find DeFi projects, manage DeFi assets, compare DeFi interest rates, and analyze DeFi risks. The platform also enables users to conduct token swaps and discover investment opportunities through real-time data. According to its website, Debank allows users to track 798 protocols across 17 chains such as Ethereum, Avalanche, Fantom, Polygon, the Binance Smart Chain, and others. The platform was established in 2018, co-founded by Chinese research and development expert Tang Hongbo who is the CEO of the firm.

Why DeFi Is on The Rise

The development by Debank comes at a time when Chinese demand for DeFi is soaring. As previously reported by Finance Magnets media outlets, China banned crypto exchanging, trading, trading and mining in September. By doing so, the country caused massive destruction that led to the death of centralized exchanges. After the announcement of the crypto crackdown, Huobi and Binance were some of the Chinese centralized exchanges that halted account registration for new customers in Mainland China and planned to shut down the accounts for existing users by end of the year. However decentralized finance options have seen enormous growth. Existing crypto holders and investors have been turning to DeFi as a way of bypassing government rules while betting on China’s
 
 blockchain 
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term’s future. Just like VPNs are extremely difficult to curb in practice, enforcing the ban on DeFi cryptocurrency users would be a difficult task. As a matter of caution, several China-based DeFi firms are incorporated outside the country and serve anonymous users.