Babel Finance, a Hong Kong-based provider of wholesale crypto financial services provider, raised US$80M in Series B funding at a valuation of US$2 billion.
Backers included Jeneration Capital, 10T Holdings, Dragonfly Capital, BAI Capital, Circle Ventures, and a number of family offices in the Asia-Pacific region.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Del Wang, Babel Finance is a provider of crypto financial institutional investor services, dedicated to providing institutional investors and net-worth accredited investors with professional services and customized solutions in crypto asset lending and trading.
The company limits its business to BTC, ETH and stablecoins, and serves a select clientele of about 500 customers. At the end of 2021, Babel Finance had an outstanding loan balance of more than US$3 billion, an average monthly trading volume of US$800 millionin derivatives, and had structured and traded more than US$20 billion in options products.
Since the US$40 million Series A funding in May 2021, Babel Finance’s team has grown from around 50 people to over 170 currently. The firm has opened a new office in Singapore and applied for relevant licenses in Hong Kong, Luxembourg, the United Kingdom, and other countries and regions around the world, and has obtained business qualifications in many jurisdictions.
FinSMEs
25/05/2022