Wholesale crypto financial services provider Babel Finance has scored $80m in its Series B funding round, 12 months after its former round.
The fresh capital injection brings Babel Finance’s valuation to $2bn.
Investment in the round include Jeneration Capital, 10T Holdings, Circle Ventures and several unnamed family offices in the Asia-Pacific region. Existing backers also participating were Dragonfly Capital and BAI Capital.
Babel Finance claims to be one of the largest service providers to institutions in the crypto financial markets. It restricts its operations to bitcoin, Ethereum and stablecoins and serves a select group of 500 customers, it said.
As of the end of 2021, Babel Finance had an outstanding loan balance of over $3bn, an average monthly trading volume of $800m in derivatives and had structured and traded over $20bn in options products.
Founded in 2018, the company focuses on crypto lending and trading to institutional clients, including crypto-native institutions and traditional financial institutions, as well as ultra-high-net-worth accredited investors and family offices.
The company has a team of 170 and recently opened an office in Singapore. It has aliso applied for relevant licenses in Hong Kong, Luxembourg, the United Kingdom, and other countries and regions around the world.
Babel Finance co-founder and CEO Del Wang 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.”
Last week, digital asset trading technology developer Talos closed its Series B funding round on $105, which saw its valuation reach $1.25bn. The company supplies buy-side institutions and service providers with the technology infrastructure to adopt crypto.
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