- Babel Finance raised $40 million through big-name investors.
- With these new investors, Babel plans to expand its business.
Babel Finance, a crypto-lending Chinese start-up, has just earned $40 million from some big-name investors. Babel Finance has made quite the buzz in the crypto space. So far, it has lent its services to over 500 institutional clients. Moreso, its core lending service alone has hit $2 billion in active outstanding loans.
In its early stages of raising funds, the venture was led by Dragonfly Capital, Sequoia Capital China, and Zoo Capital. Later on, BAI Capital and Tiger Global joined the venture. The latest additions to the venture will assist Babel in its expansion across Asia, Europe, and North America.
Babel Finance’s CEO and founder, Flex Yang, said,
The alliance [will allow us to] provide a full suite of reliable services to meet the growing demand from mainstream investors who are keen to add crypto assets in their portfolio.
Additionally, Yang said that Bitcoin was once upon a time, a “sort of an alt asset”. However, since it hit $1 trillion in market cap, Yang believes that people will now be more comfortable with thinking of BTC as a proper asset class.
Since its foundation in 2018, Babel has actively explored the crypto market to offer the best services it could bring to the relatively new market. The current boom of digital assets was a loud calling for the firm.
Presently, Babel Finance runs three major services in their business. These include — crypto lending, asset management, and institutional services. The latter will assist finance firms in accessing big-time crypto exchanges. Thus, Babel will help clients with risk control technology. The firm currently holds 100,000 BTC. Furthermore, Yang foresees attracting up to 1 million Bitcoins into the company’s services over the next four years. Moreover, Babel aims to double its staff to 100 employees within this year.