Babel Finance raises $40M to expand crypto offerings
The Series A round underscores growing investor appetite for crypto-focused institutional offerings. Babel Finance, a Hong Kong-based cryptocurrency financial services provider, has secured $40 million in venture capital financing to expand its offerings to more institutional clients.The Series A investment round was led by Zoo Capital, Sequoia Capital China, Dragonfly Capital, BAI Capital and Bertelsmann, and Tiger Global Management, the company announced Monday. Venture capital and private equity funds from North America, Asia and Europe participated in the raise. Flex Yang, CEO of Babel....
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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.
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 […]
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 […]
Leaked recordings suggest crypto lender Babel Finance leveraged some user funds to long bitcoin and faced potential default risks during this year’s Black Thursday market crash.