April 21, 2024

Crypto-lending organization Babel Finance has attracted $80 million for the development of projects

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Crypto-lending organization Babel Finance has attracted $80 million for the development of projects

Hong Kong-based cryptocurrency services provider offering digital asset lending Babel Finance has completed a new round of funding.

Investments increased the company's market valuationup to $2 billion, reports Reuters. The largest investors were venture capitalists from Dragonfly Capital, 10T Holdings, BAI Capital, Circle Ventures and Jenerations Capital. Among those who invested were also companies from the Asia-Pacific region.

Previously, Babel closed a $40 million round, with Tiger Global Management becoming the main investor.

According to the Chief Executive OfficerBabel Finance Del Wang, the cryptocurrency market is full of hidden risks, but at the same time it opens up huge opportunities. Therefore, the company continues to work in this industry - because the team believes in the success of the industry:

"From a short-term benefit point of viewThe retail market and altcoins could have higher profit margins, but we are focused on long-term growth and strive to lead in financial services and innovation. The digital asset sector has become more institutionalized. Therefore, we will strive to participate in building fundamental financial order and rules for the industry.”

Babel Finance has already applied forlicenses in other countries such as Luxembourg and the UK. The company currently provides services to more than 500 clients, ending 2021 with a loan balance of more than $3 billion and average monthly derivatives trading volume of $800 million.

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Previously, the investment bank JPMorgan Chase &amp; Co&nbsp;launched a pilot project using blockchain to calculate collateral for loans and borrowings.