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“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 aim to lead in institutional financial services and innovation.”
Babel Finance has raised US$80 million in a Series B financing round that valued the wholesale crypto financial services provider at US$2 billion.
The fundraiser included main investors Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Circle Ventures and a number of family offices in the Asia-Pacific region also took a stake at the company which has already become one of the largest service providers to institutions in the crypto financial markets.
Limiting its business to BTC, ETH and stablecoins, Babel Finance serves a select clientele of about 500 customers, enough to reach an outstanding loan balance of more than US$3 billion and an average monthly trading volume of US$800 million in derivatives, having structured and traded more than US$20 billion in options products.
Babel Finance focuses on crypto lending and trading for the institutional community, including crypto-native institutions, traditional financial institutions such as banks and investment funds, as well as ultra-high-net-worth accredited investors and family offices. The firm participated in developing the crypto financial interest rate market and derivatives trading market.
Last year’s Series A funding round raised $40 million and drove Babel Finance’s expansion across the globe, with an office in Singapore and a team that grew from 50 to 170. The firm has also applied for licenses in Hong Kong, Luxembourg, the United Kingdom, among other countries and regions, and has obtained business qualifications in many jurisdictions.
Del Wang, co-founder and CEO of Babel Finance, said: “The crypto financial market is full of opportunities and hidden risks. 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 aim to lead in institutional financial services and innovation. This not only helps to overcome the many uncertainties in the early stage of the industry, including regulatory and market uncertainties, it also protects our customers to the greatest extent.”
“As the crypto financial industry becomes more institutionalized, our mission at Babel Finance is to explore and participate in the building of the fundamental financial order and rules for the industry. By doing so, we contribute to its long-term development as we ourselves grow.”
Jason Tan, Partner and Chief Investment Officer of Jeneration Capital, said: “The institutional investor market is in its early stages of participating in the crypto asset class. It requires both commitment to risk management and professionalism to build trust in the ecosystem. Babel Finance is becoming an important node in the crypto ecosystem, enabling existing and new participants to thrive in this flourishing asset class.”
10T CEO and Managing Partner Dan Tapiero, commented: “Babel Finance has opened up a market with high barriers to entry and great value in the emerging field of institutional investor services in crypto. Babel Finance has built a laudable reputation as a highly specialized and trusted crypto financial institution, maintaining its leading position among the institutional client-focused market.”
William Zhao, Partner of BAI Capital, added: “Babel Finance is in the right place at the right time with the right products, serving the groundswell of demand from institutional investors and family offices for sophisticated digital asset products and services. Babel Finance differentiates itself from the competition with a focus on the corporate and wealth segments of digital assets. The firm has found the sweet spot of offering local access and knowledge of a dynamic region to globally minded institutional investors.”
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