Home ›› 26 May 2022 ›› Stock
Hong Kong-based Babel Finance said on Wednesday it had raised $80 million in a new funding round that valued the cryptocurrency lender and asset manager at $2 billion.
Investors who participated in the Series B financing round include Jeneration Capital, Circle Ventures and 10T Holdings, joined by existing backers Dragonfly Capital and BAI Capital.
A number of family offices in the Asia-Pacific regions joined the round as well, Babel said.
The firm had raised $40 million in its previous round, a year earlier.
Babel, whose major businesses are crypto lending and trading, limits itself to bitcoin, ethereum and stablecoins, it said. The firm has a clientele of 500 customers and had ended last year with $3 billion of loan balances on its balance sheet.
“The crypto financial market is full of opportunities and hidden risks,” co-founder and Chief Executive Officer Del Wang said, adding that Babel is focused on the long-term development of the crypto industry instead of short-term profits.
The firm said it has applied for business licenses in Hong Kong, Luxembourg and the United Kingdom, among others.