Crypto-credit organization Babel Finance has attracted for the development of projects $80 million – Bits Media

Hong Kong Cryptocurrency Service Provider, Digital asset lending provider Babel Finance completes new funding round.

The investment increased the company's market valuation to $2 billion, Reuters reports. The largest investors were venture capitalists from Dragonfly Capital, 10T Holdings, BAI Capital, Circle Ventures и Jenerations Capital. Among those who invested were also companies from the Asia-Pacific region.

Babel previously closed the round at $40 million, Tiger Global Management became the main investor.

According to Babel Finance CEO Del Van (Del Wang), The cryptocurrency market is full of hidden risks, however, at the same time it opens up enormous opportunities. Therefore, the company continues to work in this industry - because the team believes in the success of the industry:

“From a short-term benefit perspective, the retail market and altcoins could have a higher rate of return, however, we are focused on long-term development and strive to lead in financial services and innovation. The digital asset sector has become more institutionalized. Therefore, we will strive to participate in building fundamental financial order and rules for the industry.".

Babel Finance has already applied for a license in other countries, such as Luxembourg and the UK. Currently the company provides services to more than 500 customers, having finished 2021 year with a loan balance of more than $3 billion and the average monthly derivatives trading volume in $800 million.

Formerly JPMorgan Chase investment bank & Co launched a pilot project using blockchain to calculate collateral for loans and borrowings.