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Babel Finance is valued at $2 billion after its latest fundraising
The crypto financial services provider has around 500 institutional customers and focuses on lending and trading Jeneration Capital and 10T Holdings were among the lead investors in the round Crypto financial services provider Babel Finance has raised $80 million at a $2 billion valuation as the company looks to further institutional adoption in the space to move forward. The company's main customers are crypto-native firms, banks, investment funds, ultra-high net worth accredited investors and family offices. Founded in 2018, Babel Finance's primary business is crypto lending and trading, focusing on Bitcoin, Ether and stablecoins. Babel Finance CEO Del Wang said in a…
Babel Finance is valued at $2 billion after its latest fundraising
- Der Krypto-Finanzdienstleister hat rund 500 institutionelle Kunden und konzentriert sich auf die Kreditvergabe und den Handel
- Jeneration Capital und 10T Holdings gehörten zu den Hauptinvestoren der Runde
Crypto financial services provider Babel Finance has raised $80 million at a $2 billion valuation as the company looks to further drive institutional adoption in the space.
The company's main customers are crypto-native firms, banks, investment funds, ultra-high net worth accredited investors and family offices. Founded in 2018, Babel Finance The main business of is crypto lending and trading and focuses on Bitcoin, Ether and stablecoins.
Babel Finance CEO Del Wang said in a statement that the company aims to participate in “building the basic financial order and rules for the industry” as the industry becomes more institutionalized.
“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 strive to lead in institutional financial services and innovation,” Wang added.
Lead investors in this round include Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital.
“Babel Finance has opened a market with high barriers to entry and great value in the emerging area of institutional investor services in crypto,” Dan Tapiero, CEO of 10T, said in a statement. “Babel Finance has built a commendable reputation as a highly specialized and trustworthy crypto financial institution and maintains its leading position in the institutional market.”
The company had raised $40 million in its Series A round in May 2021. Since then, the team has grown from 50 to 170 employees. It currently has around 500 customers.
Babel Finance had an outstanding loan balance of more than $3 billion at the end of 2021 and an average monthly trading volume of $800 million in derivatives. At that point, the company had structured and traded more than $20 billion in options products.
It has a new office in Singapore and has applied for licenses in a number of countries and regions, including Hong Kong, Luxembourg and the United Kingdom.
A spokesman for Babel Finance did not immediately respond to a request for comment on how it would use the funds or its specific growth plans.
The company is the latest crypto firm to receive a 10-digit valuation. Ava Labs and Boba Network were valued at $5.25 billion and $1.5 billion, respectively, following their latest raises last month.
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The post “Babel Finance Valued at $2B After Latest Fundraise” is not financial advice.