Wholesale crypto financial services player Babel Finance has raised additional funding, valuing the company at US$2 billion.
Hong Kong-based Babel Finance, which provides crypto-related services for bitcoin, etherium and stablecoins to institutions, has raised US$80 million in a series B financing round which put a US$2 billion valuation on the company, according to a press release Wednesday.
The main investors in the round were Jeration Capital and 10T Holdings, and existing shareholders Dragonfly Capital and BAI Capital, the release said, adding other investors included Circle Ventures and some family offices located in the Asia-Pacific region.
Institutional Focus
The company said its major businesses are crypto lending and trading. Babel Finance said it is «selective» with its clientele, and had around 500 customers, focused on institutional clients including cyrpto-native institutions, traditional financial institutions, ultra-high net worth (UHNW) accredited investors and family offices. As of the end of 2021, the company had an outstanding loan balance of more than US$3 billion, average monthly trading volume of US$800 million in derivatives and had traded more than US$20 billion in options products, the release said.
William Zhao, a partner of BAI Capital, said Babel Finance is meeting demand from institutional and family-office investors for sophisticated digital asset products.
«Babel Finance differentiates itself from the competition with a focus on the corporate and wealth segments of digital assets,» Zhao said in the statement.
Babel Finance’s series A round of US$40 million, raised in May 2021, had investors including Tiger Global Management, Zoo Capital, Bertelsmann and Sequoia Capital China, according to Crunchbase data.
