Cryptofinance service provider Babel Finance has closed its $80 million Series B funding round, raising the company’s valuation to $2 billion.

Leading investors were Generation Capital and 10T Holdings. The firm is also backed by Circle Ventures, a number of Southeast Asian family offices, and existing shareholders Dragonfly Capital and BAI Capital.

Babel Finance’s core businesses are crypto lending and trading, focused on serving institutional investors. The company has about 500 customers among them.

At the end of 2021, the firm recorded a balance of over $3 billion in outstanding loans, with an average monthly trading volume of $800 million in crypto-based derivatives.

According to the statement, Babel Finance is limiting operations to Bitcoin, Ethereum and stablecoins.

“In terms of short-term earnings, the retail market and altcoins may have higher profit margins, but we place more emphasis on the long-term development of the industry and strive to be a leader in institutional financial services and innovation,” Del Van said. , co-founder and CEO of the company.

This approach makes it possible not only to overcome market and regulatory uncertainties at an early stage in the development of the industry, but also to provide better protection for customers.

In May 2021, the firm raised $40 million in a Series A funding round. Since then, the Babel Finance team has grown from 50 people to over 170.

Recall that in September the company opened its headquarters in Singapore. The division was led by Shanshan Yu, a former Bank of Singapore employee.