- The crypto financial services provider has around 500 institutional clients and focuses on lending and trading
- Generation Capital and 10T Holdings were among the lead investors in the round
Crypto financial services provider Babel Finance has raised $80 million at a $2 billion valuation as the company looks to further drive institutional adoption in the space.
The company’s main clients are crypto-native firms, banks, mutual funds, ultra high net worth accredited investors and family offices. established in 2018, babel financeThe main business of is crypto lending and trading and focuses on bitcoin, ether and stablecoins.
Babel Finance CEO Del Wang said in a statement that as the industry becomes more institutionalized, the company is keen to participate in “building the basic financial order and rules for the industry.”
“From a short-term profits perspective, the retail market and altcoins may have higher profit margins, but we pay more attention to the long-term development of the industry and strive to be at the forefront of institutional financial services and innovation,” Wang added.
Lead investors in this round include Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital.
“Babel Finance has opened a market with high barriers to entry and great value in the burgeoning space of crypto institutional investor services,” said Dan Tapiero, CEO of 10T, in a statement. “Babel Finance has built a commendable reputation as a highly specialized and trusted crypto financial institution and maintains its leading position in the institutional client market.”
The company had raised $40 million in its Series A round in May 2021. Since then, the team has grown from 50 to 170 employees. It currently has about 500 customers.
Babel Finance had an outstanding loan balance of more than $3 billion at the end of 2021 and an average monthly trading volume in derivatives of $800 million. At the time, the firm had structured and traded more than $20 billion worth of options products.
It has a new office in Singapore and has applied for licenses in a number of countries and regions including Hong Kong, Luxembourg and the UK.
A spokesman for Babel Finance did not immediately respond to a request for comment on the use of the funds or its specific growth plans.
The company is the latest crypto firm to get a 10-digit rating. Ava Labs and Boba Network were valued at $5.25 billion and $1.5 billion, respectively, after their latest increases last month.
The Babel Finance Valued at $2B After Latest Fundraise post is not financial advice.
Source: Crypto News Austria