April 21, 2024

One of the largest crypto lenders in Asia, Babel Finance, has agreed to pay off part of its debts

One of the largest crypto lenders in Asia, Babel Finance, has agreed to pay off part of its debts

Crypto financial services provider Babel Finance has reached "preliminary agreements" with majorcounterparties "on the maturity of certain debts." It is reported by The Block.

According to the company's representatives, they urgently assessed the liquidity of their business operations. 

"Preliminary agreements on the maturity period of certain debts with major counterparties and customers have eased short-term liquidity pressures," Babel Finance said.

The team also denied reports of insolvency, which were allegedly received by the partners of the crypto lender. 

However, the improvement of the situation does not mean the resumption of the withdrawal of funds. The Company will continue to communicate with shareholders and potential investors to support liquidity.

Founded in 2018 in Hong Kong, Babel Finance is one of the largest cryptocurrency lenders and asset managers in the Asian region.

In May 2022, the supplier closed the round$80 million in Series B funding at a $2 billion valuation. Lead investors were Jeneration Capital and 10T Holdings, with participation from Circle Ventures, a number of Southeast Asian family offices, and current shareholders Dragonfly Capital and BAI Capital.

Let us remind you that last week Babel Finance announced the suspension of payments and withdrawals of funds from its own products due to a lack of liquidity.

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