Crypto startup Babel Finance turns unicorn in $80 Million funding

Babel Finance

Babel Finance, a Hong Kong-based wholesale crypto financial services provider, has now secured $80 million in a Series B funding round at a valuation of $2 billion.

Babel Finance was founded by Del Wang. It is a provider of crypto financial institutional investor services, dedicated to providing institutional investor and net worth accredited investors with professional services and customized solutions in crypto-asset lending and trading.

The company, as of now, limits its business to ETC, BTC, 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 $3 billion, an average monthly trade volume of $800 million in derivatives, and had structured and traded more than $20 billion in options products.

Executive Opinion

Del Wang, co-founder and CEO of Babel Finance said, "The crypto financial market is full of opportunities and hidden risks. 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. This not only helps to overcome the many uncertainties in the early stage of the industry, including regulatory and market uncertainties, but it also protects our customers to the greatest extent. As the crypto-financial industry becomes more institutionalized, our mission at Babel Finance is to explore and participate in the building of the fundamental financial order and rules for the industry. By doing so, we contribute to its long-term development as we ourselves grow."

Babel Finance's Latest Funding

The round was led by 10th Holdings, Circle Ventures, Dragonfly Capital, Jeneration Capital, BAI Capital, and some investors from the Asia-Pacific region.

The company, as of now, has plans to use the new funds to expand operations and its business outreach.
PC: Pixabay

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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