This news comes on the heels of its Series B round. It plans to use the funds to fuel global expansion and support its compliance efforts. Here are the top-line bullets you need to know.
Babel Finance, a crypto asset management firm, has raised $80M in a Series B. The round drew participation from Jeneration Capital, 10T Fund, and BAI Capital, among others.
How’s the company performing?
- Hong Kong-based Babel Finance offers crypto asset management and lending services, among others, to institutions and individual investors.
- The company’s services are being used by over 500 organizations and qualified investors.
- Since 2020, Babel Finance has made strategic investments in over 10 companies, with a focus on crypto finance, trading, and DeFi.
- It currently holds permit licenses for Luxembourg, Hong Kong, and the UK, and it is in the process of acquiring additional permits across Singapore, the US, Dubai, Hong Kong, and Australia.
- The company had an outstanding loan balance of over $3B at the end of 2021. Its average monthly derivatives trading volume came in at $800M, and it also structured and traded over $20B in options products.
- Since May 2021, its team size has grown from 50 to over 170 employees.
Source: Babel Finance
Why does the market matter?
- The cryptocurrency market is expected to reach a value of $2.2B by 2026, growing at a CAGR of 7.1%, according to Markets and Markets.
- The lack of transparency in current monetary systems has increased the demand for cryptocurrency solutions.
- The rising number of crypto applications across industries has also contributed to market growth.
- Recently, the crypto market has taken a plunge due to a major selloff in stocks and other digital assets. Earlier this month, Bitcoin saw its price drop by more than 50% from its November 2021 peak to hit $31K, according to Coingecko.
