Crypto lending platform Babel Finance reaches counterparty debt agreement
The firm emphasized that it will “actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks.” Hong Kong-based crypto lending firm, Babel Finance, has eased some of its immediate liquidity troubles by reaching debt repayments agreements with some of its counterparties. As previously reported, the firm issued a temporary suspension of redemptions and withdrawals from its products on June 17 after citing “unusual liquidity pressures” in the current bear market. The company stated it was taking swift action to protect....
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The cryptocurrency lending platform Babel Finance finally reached a debt agreement with counterparties. Before now, the firm had experienced some difficulties in its operations due to the present market downturn. It stopped withdrawing and redeeming crypto assets in its custody at the time to avoid possible liquidity pressures. However, by carrying out its legal responsibilities […]
Hong Kong-based asset manager Babel Finance is the latest crypto lending firm to signal the growing crisis of the cryptocurrency lending industry amid the bear market. Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn.Babel Finance officially announced June 17 a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.”“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive....
A report cites a restructuring deck where Babel details unhedged ‘risky’ trading practices leading to mass liquidations which require massive debt to recover.
Sequoia China is known for backing many crypto firms, including the troubled crypto lender Babel Finance, which halted withdrawals in mid-June. Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups.In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion, The Information news agency reported on July 4, citing two people familiar with the matter.The report notes that the final amount of the raise is supposed to be....
Babel Finance, based in Hong Kong, has temporarily halted withdrawals and redemptions of crypto assets on Friday, as the lender struggles to pay its investors as the ongoing bear market deals a heavy blow on digital currency assets. The crypto financial service provider is the latest digital assets lending company to suffer significant difficulties in […]