Wednesday, December 7, 2022

Babel Finance Crypto Company Raised $80 Million: Report

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Babel Finance crypto company recently raised $80 million as the market is full of opportunities and hidden risks but they believe in their long-term development so let’s read more today in our latest cryptocurrency news.

Babel Finance is a crypto service provider that offers digital asset lending and it recently secured $80 million in a series B financing round which boosted the company’s valuation to $2 billion. As was reported by Reuters, the fundraiser was led by the venture capital companies such as Circle Ventures, Generations Capital, BAI Capital, 10T Holdings, and Dragonfly Capital. The family offices from the Asia-Pacific Region also were some of the investors.

The $80 million is not Babel Finance’s first closed financing round and it raised $40 million from the major institutional investors such as Sequoia Capital China, Zoo Capital, Tiger Global Management, and others. Speaking on the move, Del Wang as the Chief Executive Officer of the company noted that the crypto market is full of opportunity and hidden risks but Babel Finance remained engaged with the sector because It believes in the success in the long-term:

“From the perspective of short-term profits, the retail market and altcoins may have higher profit margins, but we pay more attention to the long-term development of the industry and aim to lead in institutional financial services and innovation.”

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The executives argued that the digital asset sector became more institutionalized and as such, the company will aim to explore and take part in the building of the fundamental financial order with rules for the industry. Based in Hong Kong, Babel Finance applied for business licenses in other countries like Luxembourg and the UK so the crypto lender has about 500 clients and finished 2021 with a loan balance of $3 billion and an average monthly trading volume of $800 million. The authorities of China’s special administrative region presented more plans to introduce a new framework for cryptos by July this year and so the legislation will aim to establish Hong Kong as the digital asset hub for the East Asian region.

The HKMA has a different vision for stablecoins and opined that they can harm the financial stability so they could lose the enhanced scrutiny. The blockchain platform Huobi Technology showed intentions to launch ETFs that track cryptocurrencies for retail investors in Hong Kong. The financial product will also be suitable for those with less than a million in assets.

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