What is DeBank and Do I need a DeFi wallet?

DeBank is a dashboard for tracking your DeFi portfolio, with data and analytics for decentralized lending protocols, stablecoins, margin trading platforms and DEXes.Different from the previous wallets in blockchain ecology, this “wallet” was designed only in favor of helping users to track and manage their DeFi assets. In the future, DeBank will be found in both centralized and decentralized wallets. Developer a multi-chain cryptocurrencies portfolio tracker designed for users to manage their DeFi assets.

DeBank is an all-in-one cryptocurrency wallet that allows users to track their full portfolio through various chains as well as can help users track DeFi applications, compare interest rates, manage assets, find DeFi projects, analyze risks, and more, enabling users to perform token swap for token exchange and discover investment opportunities through detailed real-time data

DeFi Portfolio Tracking Firm DeBank Raises $25M in Round Led by Sequoia China

Decentralized finance (Defi) portfolio firm DeBank has raised $25 million in a funding round that was led by venture capital firm Sequoia China. DeBank allows users to track and analyze their Defi investments. DeBank tweeted Tuesday that the funding round brings the firm’s valuation to $200 million.

Other participating investors included payments company Circle, Coinbase Ventures, Crypto.com, Dragonfly Capital, Hash Global, crypto infrastructure company Ledger and Youbi Capital.

DeBank

Crypto.com confirmed the funding round in a separate tweet, adding it is excited to be supporting DeBank as it aims to bring the next billion users to Web 3. There has been increased investment in Web 3-related businesses that promote decentralized protocols and aim to reduce the dependence on large tech companies such as Amazon, Facebook and Google.

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In May DeFi dashboard Zapper raised $15 million in a fundraising round led by Framework Ventures, and two months later rival Zerion completed a $8.2 million funding round.

DeBank didn’t elaborate what the funding will be used for and didn’t respond to CoinDesk’s request for comment by press time.

DeFi wallet DeBank raises $25 million in equity funding round

DeBank, a crypto wallet that provides access to decentralized finance (DeFi) services such as token swapping and portfolio tracking, has raised $25 million in an equity funding round.

The round was led by Sequoia China and saw participation from Dragonfly Capital, Youbi Capital, Coinbase Ventures, Crypto.com Capital, Circle, and Ledger. Founded in 2018, China-based DeBank is now valued at $200 million. Its total funding to date is unclear as the startup has previously raised two funding rounds of undisclosed amounts.
DeBank did not announce how it plans to use the fresh capital. The Block reached out to the startup to learn more but did not hear back before press time.

DeBank currently supports nearly 800 DeFi protocols across over 15 blockchains on its platform, including Ethereum, Binance Smart Chain, and Avalanche. It essentially helps users track their DeFi investments, such as how much they have deposited in various DeFi protocols and how much they have earned in yields.

DeBank

DeBank also plans to support Solana and Harmony in the near future, according to its website. Its closest competitors include Zapper and Zerion, both of which have also raised funds this year. Zapper raised $15 million in May, and Zerion raised $8.2 million in July.
Crypto firms continue to raise funds this year. In all, they have grabbed over $25 billion in venture funding during 2021.

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DeBank Launches DeFi Browser Extension Wallet With “Human-Readable” Features

DeBank, previously known primarily as a data provider, is the latest to announce a browser extension wallet geared especially for DeFi users. The wallet, called Rabby, will automatically switch between chains, according to the launch post. In practice, this means if a DeFi user has two tabs open — one on Uniswap and one on PancakeSwap — Rabby will recognize that and flip between each app’s blockchain accordingly, in this case, Ethereum and Binance Smart Chain.

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“Traditional MetaMask-like extension wallets are designed with [a] single-chain scenario initially, making it hard to bring a truly user-friendly multi-chain experience to you,” Rabby’s release post reads.

Lowering Complexity

In a sign of DeFi’s increased complexity, Rabby also promises to display more details regarding the contracts users are signing. “DeFi users are blindly signing transactions they don’t really understand,” the post states.

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The project also highlighted a pre-transaction risk-scanning feature, which will alert users if it finds potential vulnerabilities in the contracts the user is interacting with. For instance, if a contract has previously been hacked, users will get a notification.

A Competitive Market

On the market for browser wallets, MetaMask had 5M monthly users as of April 21, according to a blog post from blockchain studio ConsenSys, the company that created MetaMask in 2016. Metamask makes well over $100K a day in fees based on the 0.875 percent cut it takes on trades that happen within its browser extension. So Rabby’s in-wallet trading feature could be lucrative indeed.

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DeBank

Rabby follows the May 17 announcement by Coinbase to build a browser extension wallet. Yet, Rabby appears to have achieved some degree of favor within the DeFi community.

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Managing partner at Dragonfly Capital Haseeb Qureshi tweeted that the MetaMask competitor looks “amazing,” asking “why has it taken so long for someone to create human-readable transaction signing?” Sidechain project xDai took to Twitter too, touting the wallet as being “designed for the DeFi era.”

Conclusion

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