Babel Finance, a Hong Kong-based crypto lender and asset manager, has secured $80 million from investors including crypto venture firms Dragonfly Capital and Circle Ventures
, a Hong Kong-based crypto lender and asset manager, has secured $80 million from investors including crypto venture firms Dragonfly Capital and Circle Ventures, ramping up its valuation to $2 billion four years after it was founded.
Major investors of the round are Chinese tech-focused fund Jeneration Capital, U.S. crypto private equity firm 10T Holdings, as well as existing backers that include BAI Capital, the Asian investment arm of German media conglomerate Bertelsmann, Babel Finance said on Wednesday. Babel Finance, which set up a new office in Singapore last September, said it will use the capital to fund its global expansion plan. The startup added that it will bolster its compliance team and seek regulatory approval in the jurisdictions it operates. Babel Finance has applied for licenses in Hong Kong, Luxembourg, Britain and has “obtained business qualifications in many jurisdictions,” the firm said.
“The crypto financial market is full of opportunities and hidden risks,” Del Wang, cofounder and CEO of Babel Finance, said in a statement. “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,” he added.
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